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Lazarus Group laundered $200M from 25 crypto hacks to fiat

How Lazarus Group laundered $200M from 25+ crypto hacks to fiat from 2020–2023

The research in this article closely follows 25 hacks targeting companies and individuals in the cryptocurrency space spanning from August 2020 to October 2023 by tracing the movements of funds to multiple accounts identified at P2P marketplaces where Lazarus Group exchanges stolen crypto for fiat. On July 14, 2021 Brandon Smith, CEO of Bondly Finance fell victim to an attack where the malicious actor gained access to a password account containing the recovery phrase for his hardware wallet. Additionally, the hot wallet outflows for Noones and Paxful were analyzed and no matching crypto withdrawals of similar volumes were observed, indicating USDT was likely being exchanged for bank transfers or cash after deposits were made to the site.

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