Lazarus Group Nets $2.5M Profit from WBTC Sale
North Korean hackers sold $WBTC for $3.51M, pocketing a $2.51M profit. Here's how the Lazarus Group pulled off the move.
- Lazarus Group sold $WBTC for a 251% profit
- $3.51M worth of $WBTC converted into $ETH
- Funds split across three separate wallets
Major Crypto Move by Notorious Hackers
The Lazarus Group, a North Korean state-backed hacking organization, has once again made headlines in the crypto world. This time, they executed a profitable trade involving Wrapped Bitcoin ($WBTC), resulting in a $2.51 million profit—an impressive 251% return on investment.
According to on-chain data, the group originally purchased 40.78 $WBTC back in February 2023 for roughly $999,900 USDT. At that time, the purchase price per WBTC was around $24,521. Fast forward to just 12 hours ago, the hackers cashed out by selling the same WBTC holdings for 1,857 $ETH at an average price of approximately $86,170 per WBTC.
How the Funds Were Moved
What followed the sale was a strategic distribution of the acquired $ETH. The Lazarus Group split the total funds into three different wallet addresses. This move is consistent with previous laundering tactics used by the group to obscure their digital footprint and reduce the risk of detection.
This calculated sale highlights how patient and tactical threat actors like the Lazarus Group can be. Holding onto assets during market dips and cashing out during peaks shows a strong understanding of crypto market dynamics.
Implications for the Crypto Community
While this transaction doesn’t pose a direct threat to everyday users, it serves as a reminder of how sophisticated state-backed hackers have become. The Lazarus Group’s ability to exploit market timing and execute high-value transactions continues to be a concern for global regulators and blockchain analysts alike.
With rising asset prices and increasing adoption, tracking and tracing malicious actors is becoming more vital than ever. The crypto community must stay vigilant as hackers evolve their strategies to move large sums undetected.
