Lazarus Group: Money Laundering with Tornado Cash
The Lazarus Group Utilizes Tornado Cash to Launder Stolen Funds
The Lazarus Group, a North Korean hacking group known for its global cyber attacks, has once again emerged on the radar, using the service Tornado Cash to launder stolen funds. Information indicates that up to $23 million, stolen during an attack on the cryptocurrency exchange HTX in November, has recently been laundered through this service.
Sanctions and the Operation of Tornado Cash
It is worth noting that Tornado Cash, a service used for mixing cryptocurrencies to ensure transaction anonymity, continues to operate despite sanctions imposed by US authorities in August 2022. Similar sanctions have also affected another service – Sinbad.io, indicating further challenges in combating money laundering in the world of cryptocurrencies.
Utilization by the Lazarus Group
The Lazarus Group is utilizing Tornado Cash to launder stolen funds, clearly demonstrating that the availability of major cryptocurrency mixing services may be limited, especially after intense law enforcement efforts. The hacker group has conducted over 60 transactions totaling over $23 million, making tracking these funds exceptionally difficult.
The Importance of Monitoring Cryptocurrency Transactions
Research by the company Elliptic, specializing in monitoring cryptocurrency activity, emphasizes the significance of monitoring and analyzing transactions to effectively safeguard digital assets and prevent the financing of malicious activities on an international scale. Blockchain analytics also play a crucial role, providing law enforcement with precise information regarding the destination of stolen cryptocurrency, which can aid in pursuing cybercriminals.
In conclusion, the actions of the Lazarus Group and its use of the Tornado Cash service to launder stolen funds illustrate the importance of continuously monitoring cryptocurrency transactions and raising awareness about security in the digital finance world.
