Friday, December 1, 2023

Lazarus APT Laundered Over $900 Million Worth of Cryptocurrency

Threat actors have been laundering currencies with multiple methods. One of the most predominant ways they have been using lately was the Cross-chain crime. In a cross-chain crime, threat actors swap their Cryptocurrency between different blockchains and tokens that help maintain their anonymity.

Moreover, this cross-chain crime is carried out using decentralized exchanges (DEXs) and cross-chain bridges. As with the increase in cybercriminal activities such as ransomware attacks, scams, or crypto thefts, this has become an increasingly preferred money laundering method for cybercriminals.

In addition to this, reports also suggest that more than $4.1 billion of illegal funds have been laundered through decentralized exchanges (DEXs), cross-chain bridges, and coin swap services. 

This is estimated to rise to $6.5 billion by the end of 2023 and $10.5 billion by 2025. Another report indicates that $2.7 billion was laundered through cross-chain crime over just a 12-month period between July 2022 and July 2023.


Deploy Advanced AI-Powered Email Security Solution

Implementing AI-Powered Email security solutions “Trustifi” can secure your business from today’s most dangerous email threats, such as Email Tracking, Blocking, Modifying, Phishing, Account Take Over, Business Email Compromise, Malware & Ransomware

Reason for High Adoption Rate

Threat actors and scammers generate revenue through illegal methods using this cross-chain crime for several reasons, which include the popularity of crypto assets excluding bitcoins among criminals, the anonymity it offers, and stable value assets as some of them are government-backed currencies (Tether (USDT) or DAI).

Another major reason for the adoption is that many cross-asset and cross-chain services other than centralized exchanges do not have ID verification. In addition to this, this method offers protection against tracing by using techniques like prolific asset- or chain-hopping.

Annual figures of cumulative illegal funds laundered
Annual figures of cumulative illegal funds laundered (Source: Elliptic)

Furthermore, it has been discovered that the Lazarus group, responsible for several high-profile cyberattacks, had laundered over $900 million using this method. 

Decentralized services (DEXs), cross-chain bridges, and coin swap services have been found to have laundered over $7 billion of illegal funds as of July 2023. Elliptic researchers have published a complete report about this method and other information.

Protect yourself from vulnerabilities using Patch Manager Plus to patch over 850 third-party applications quickly. Take advantage of the free trial to ensure 100% security.


Latest articles

Cactus Ransomware Exploiting Qlik Sense code execution Vulnerability

A new Cactus Ransomware was exploited in the code execution vulnerability to Qlik Sense...

Hackers Bypass Antivirus with ScrubCrypt Tool to Install RedLine Malware

The ScrubCrypt obfuscation tool has been discovered to be utilized in attacks to disseminate the RedLine Stealer...

Hotel’s Hacked Logins Let Attacker Steal Guest Credit Cards

According to a recent report by Secureworks, a well-planned and advanced phishing attack was...

Critical Zoom Vulnerability Let Attackers Take Over Meetings

Zoom, the most widely used video conferencing platform has been discovered with a critical...

Hackers Using Weaponized Invoice to Deliver LUMMA Malware

Hackers use weaponized invoices to exploit trust in financial transactions, embedding malware or malicious...

US-Seized Crypto Currency Mixer Used by North Korean Lazarus Hackers

The U.S. Treasury Department sanctioned the famous cryptocurrency mixer Sinbad after it was claimed...

CISA Warns Hackers Exploiting Wastewater Systems Logic Controllers

In a disconcerting turn of events, cyber threat actors have set their sights on...
Eswar is a Cyber security content editor with a passion for creating captivating and informative content. With years of experience under his belt in Cyber Security, he is covering Cyber Security News, technology and other news.

API Attack Simulation Webinar

Live API Attack Simulation

In the upcoming webinar, Karthik Krishnamoorthy, CTO and Vivek Gopalan, VP of Products at Indusface demonstrate how APIs could be hacked.The session will cover:an exploit of OWASP API Top 10 vulnerability, a brute force account take-over (ATO) attack on API, a DDoS attack on an API, how a WAAP could bolster security over an API gateway

Related Articles