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FBI links North Korea’s Lazarus Group to Recent Hack

September 8, 2023 World Crime & Legal

The FBI revealed the findings of its thorough investigation into the recent incident in a statement on September 6. The primary goal of the inquiry was to identify the perpetrators of the attack, which eventually allowed authorities to pinpoint the notorious group that was involved.

Because of its alleged connections to the Democratic People’s Republic of Korea (DPRK), sometimes known as North Korea, this cybercriminal group has become well-known. A number of online crimes, including the attack, are purportedly intended to raise money illegally in order to support Kim Jong Un’s regime in North Korea.

The stolen money was found in a number of places, including blockchain networks including Bitcoin, Ethereum, Binance Smart Chain, and Polygon, according to a detailed list produced by the FBI. The FBI has requested that blockchain monitoring organizations and cryptocurrency exchanges exercise increased caution over addresses linked to the hack and forgo any transactions involving these addresses in reaction to the circumstance.

Additionally, the FBI advises businesses to carefully review the cybersecurity warning regarding the sophisticated malware program TraderTraitor, which is presently spreading. Additionally, they need to look closely at the blockchain data related to the cryptocurrency addresses used in the hack. These companies are advised to use caution and stay away from any direct transactions coming from such addresses.

The decentralized structure of cryptocurrencies, where transactions are not governed by a single entity or group, is one of their main advantages. However, monitoring agents, miners, and other stakeholders can keep tabs on what happens on these networks and coordinate with exchanges to stop money from leaving or coming into certain wallets.

The CEO and founder of, Ed Craven, seemed to be unaffected by the intrusion. After the disclosure, he assured customers that their money was safe and that the theft had only affected a “small portion” of the company’s cash.

Lazarus has also been identified by the FBI as the brains behind cyberattacks on Atomic Wallet, Coinspaid, and Alphapo. This year, Lazarus reportedly profited more than $200 million from his nefarious activities.

On July 23, Alphapo saw one particularly large withdrawal totaling more than $65 million. Similar to Coinspaid, another payment processor, social engineering tricks led to a loss of almost $37 million for Coinspaid in late July. Additionally, a mystery security issue in June caused $100 million in Atomic Wallet customers’ funds to disappear.

An attack on the Ronin Network, an Ethereum sidechain connected to the cryptocurrency game Axie Infinity, cost $622 million in April. The Lazarus Group was charged after a US Treasury probe.

According to Kaspersky Labs, five banking Trojan attacks occur in Latin America every minute, making it a top target for hackers. With North Korean hackers allegedly responsible for stealing $2 billion in cryptocurrencies since 2018, the region is also experiencing an intensifying war against AI-powered schemes.

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