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Stablecoin issuers Tether and Circle have blocked wallet addresses linked to the notorious North Korean hacker group Lazarus Group.
According to ZachXBT’s investigation, other stablecoin issuers, like Paxos and Techteryx, also backlisted Lazarus Group. These wallet addresses are reported to hold $4.96 million in various stablecoins, including USDT, Circle’s USD Coin (USDC), TrueUSD (TUSD), and Binance USD (BUSD).
Stablecoin Issuers Help Disrupt Hacker’s Group Operations
Also, the blockchain investigator revealed that other exchanges froze $1.65 million belonging to the notorious hacker group.
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Notably, the ban of these addresses is part of an ongoing effort to curb the activities of the Lazarus Group. The group, allegedly backed by the North Korean government, has been implicated in cryptocurrency-related hacks and thefts.
By freezing the funds associated with these addresses, Tether, and other stablecoin issuers are crucial in helping to disrupt the group’s operations and limit its ability to liquidate stolen funds. As the cryptocurrency industry continues to evolve, efforts to combat illicit activities will remain a top priority for regulators and industry players.
Beware of Sneaky Links From Lazarus Group
SlowMist, a leading Blockchain security firm, uncovered Lazarus Group’s crafty plot in April. The security firm revealed in a blog that the Lazarus Group focuses on well-known DeFi projects.
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This is one tactic the hacker group employs by pretending to be affiliated with an investment company. Once they gain the victim’s trust, the imposter sneaks in harmful links disguised as meeting invitations or event pages.
In 2023, it was reported that North Korea had been associated with the culprits that stole about 33% of crypto hacks. The UN Security Council also revealed that 50% of foreign currency owned by North Korea was gained through cyber hacks and attacks.
Security Breaches in the Crypto World
Over the years, several crypto companies have fallen victim to cyber hacks and attacks. According to Chainalysis, around 231 hacks in the crypto space resulted in approximately $1.7 billion being stolen in 2022. In 2022, Skakeeb Ahmed, a computer security engineer, was charged for getting involved in a flash loan worth millions of dollars attacked on Nirvana, a decentralized crypto exchange.
In the year, it was also reported that the users of Curve Finance, a decentralized finance (DeFi), lost funds to cyber hacks. Early this year, the US Department of Justice made a significant stir by bringing charges against two people and securing a guilty plea from another individual.
