Lazarus Group Hackers Funneled Over $2.35 Billion Between 2017 and 2021 Through Binance, Report Reveals

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Lazarus Group Hackers Funneled Over $2.35 Billion Between 2017 and 2021 Through Binance, Report Reveals By Angel Di Matteo @shadowargel

The report details that the hackers of the group Lazarus operated through various operating accounts in Binance, and funds associated with illicit acts passed through there, including the hacking of the exchange ether base already the network Ronin.

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  • The Lazarus group moved USD $2,350 million through Binance.
  • This occurred between 2017 and 2021.
  • Binance froze $5.4 million stolen from the network Ronin.
  • The exchange collaborates with the authorities to capture the hackers.

Newly released reports reveal that the hacker organization operating from North Korea, the Lazarus Group, channeled much of his crypto funds through the international exchange Binance.

Funds of the Lazarus Group They passed by Binance

This is detailed in a report published by the Reuters news agency, which reveals that through Binance At least $2.35 billion in crypto funds linked to the Lazarus group passed through, assets primarily associated with acts of hacking, fraud, drug sales, and other crimes.

The investigation in question indicates that the Lazarus Group even sent Binance funds from hacking etherbase, the Slovenia-based crypto exchange that lost about $5.4 million in 2020 after a security breach.

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To carry out the above, the report indicates that the Lazarus Group used encrypted email addresses and opened more than 20 accounts on the platform run by Changpeng Zhao (CZ), where they exchanged the stolen funds and removed all traces of the stolen money.

Let’s keep in mind that the Lazarus Group was also behind the network attack ronin of the group of Sky Mavis, main responsible for the popular game Blockchain Axie Infinityfrom which they subtracted more than USD $600 million through the bridge that connects with Ethereum.

Binance collaborate with the authorities

As for the actions of Lazarus Group, Representatives of Binance They reported that they have been working together with the authorities precisely to close the space to hackers. Proof of this was the blocking of part of the funds stolen from the network Ronin, with which they managed to freeze some USD $5.8 million linked to the attack.

In this regard, the spokesman for Binance, Patrick Hillman commented:

“Many members of the Binance team were involved in the initial investigation. We proactively share intelligence with law enforcement to map North Korea’s modus operandi globally.”

And about the acts perpetrated against etherbase, The team of Binance He reiterated that they have been collaborating with the authorities to provide all the information that helps with the capture of those responsible.

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bad time for Binance

The remarks made by the investigation take place at a particularly tense moment for Binance, as recently published reports reveal that the US Securities and Exchange Commission (SEC) advances an investigation against the exchange for the pre-sale of the token BNB (BinanceCoin) released in 2017.

In addition to the SEC investigation, Binance would also be in the sights of Internal Revenue Service (IRS) and the Commodity Futures Trading Commission (CFTC), this under the premise that the exchange allowed US residents to trade cryptocurrencies through its platform before the official launch of Binance.US.


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Font: TheBlockCrypto, Infobae

Angel Di Matteo version / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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