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Stablecoin issuers freeze millions stolen by hacker group Lazarus
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One of the world’s most notorious hacking groups, the Lazarus Group, has lost access to nearly $5 million worth of stablecoins held in two wallets. Stablecoin issuers were able to freeze the funds after an investigation led by blockchain expert ZachXBT identified and tracked the assets.
ZachXBT conducted an initial investigation with the help of employees from MetaMask, Binance, TRM Labs, and Five I’s LLC. The group revealed that the Lazarus Group, a North Korean state-sponsored hacking group, laundered over $200 million in cryptocurrency over the past three years.
The hackers stole the funds in a total of 25 separate attacks on various blockchains. The cybercriminals then used multiple accounts on peer-to-peer (P2P) marketplaces to convert the funds into fiat currency.
As a result of the investigation, the issuers of four stablecoins – USDT (Tether), USDC (Circle), TUSD (Techteryx) and BUSD (Paxos) – have frozen approximately $5 million in two wallets linked to the Lazarus Group. These wallets also contain approximately $720,000 in DAI, another stablecoin, and approximately $313,000 in Ethereum, which have not yet been frozen.
Lazarus Group Cryptocurrency Freeze
ZachXBT shared the results of his investigation in a post on the X platform (formerly Twitter). In the post, he reported that all four stablecoin issuers (Paxos, Tether, Techteryx, and Circle) have now blacklisted the two addresses with $4.96 million belonging to the Lazarus Group.
Additionally, they froze another $1.65 million across multiple exchanges, bringing the total to $6.98 million blocked as a result of the investigation.
However, ZachXBT criticized Circle, the issuer of USDC, for taking longer than other issuers to freeze the assets. According to him, “Circle took 4.5 months longer than the others, but at least everything is frozen now.”
In a separate post, investigator ZachXBT added: “They (Circle) have over a thousand employees but do not have an incident response team to block funds after DeFi or Lazarus Group attacks, which compromises the protection of the ecosystem.” Circle did not immediately respond to a request for comment on the case.
Stablecoin issuers freeze millions stolen by hacker group Lazarus
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Stablecoin issuers freeze millions stolen by hacker group Lazarus
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Stablecoin issuers freeze millions stolen by hacker group Lazarus
