Hackers allegedly working for the North Korean government have managed to ‘launder’ at least $300 million in crypto funds from a record $1.5 billion theft in February.
The criminals, known as the Lazarus Group, have become the most wanted by authorities in preventing the group from converting the cryptocurrencies into cash.
Experts say the notorious hacking organization works non-stop 24 hours a day just to make money and is potentially a channel for North Korea’s military development.
Dr. Tom Robinson, Crypto Elliptic Investigator, said in a statement that every minute counts for hackers trying to obfuscate money trails and that they are very sophisticated in every plan.
Of all the criminals involved in cryptocurrency, North Korea is the best at changing crypto.
He imagined that the organization has a large number of experts in technology and years of experience. They were also seen working shifts throughout the day to convert crypto into cash.
Elliptic analysis says that 20% of the funds are now ‘dark’ meaning they are unlikely to be recovered.
The US and its allies have accused North Korea of carrying out dozens of hacks in recent years to finance its military and nuclear development.
On February 21, criminals hacked one of ByBit’s suppliers to secretly change the address of a digital wallet that sent 401,000 Ethereum crypto coins.
ByBit thought it was transferring the funds to its own digital wallet, but instead sent them all to the hackers.
