Approximately $7 billion in cryptocurrency has been laundered through cross-chain crime, with the Lazarus Group, a North Korea-linked hacking group, responsible for stealing around $900 million of those proceeds between July 2022 and July 2023. As traditional entities like mixers face scrutiny and seizures, criminals are turning to cross-chain crime as a method of money laundering. This involves converting crypto assets from one token or blockchain to another rapidly to obscure their origin. The Lazarus Group’s use of cross-chain bridges contributed to a significant increase in funds sent through these services. The group has stolen nearly $240 million in cryptocurrency since June 2023, targeting platforms such as Atomic Wallet, CoinsPaid, Alphapo, Stake.com, and CoinEx. The group is known for cyber espionage, cyber sabotage, and pursuing financial gain. South Korea’s National Intelligence Service has warned of North Korea attacking its shipbuilding sector using methods such as occupying and bypassing the PCs of IT maintenance companies and distributing phishing emails to employees.
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