Lazarus Group Makes $2.51M Profit from $WBTC Sale: Report

• Lazarus Group earned a $2.51M profit after selling 40.78 WBTC purchased two years ago.
• The group’s WBTC investment surged, earning a 251% return after the recent sale.
• Lazarus continues laundering funds, holding $1.1B in crypto assets across its linked wallet.

North Korea’s Lazarus Group reportedly made a profit of $2.51 million after selling 40.78 Wrapped Bitcoin (WBTC), which it had purchased two years ago. The group’s wallet sold the WBTC for 1,847 Ethereum, worth $3.51 million. This transaction highlights the group’s continued activity in the cryptocurrency world, raising concerns over its financial operations.

The Lazarus wallet acquired the 40.78 WBTC in February 2023 for approximately 999,900 USDT. At that time, the average price of WBTC was $24,521. Since then, WBTC’s value has surged, climbing by more than 240%, reaching $81,931 at press time. 

Profit and Fund Redistribution

The recent sale enabled Lazarus to secure a 251% return on its investment. The funds in the wallet were later divided through several transactions. Thus, Ethereum was divided into sizes of 205 ETH, 500 ETH, and 1,865 ETH. Some of them were channeled to other wallets associated with Lazarus.

Blockchain analysis firms have closely followed Lazarus Group wallets. The group has raised concerns due to its involvement in cybercrimes, especially the hacking of crypto exchanges. One of the most popular and significant incidents was an attack on the Bybit exchange. Lazarus is believed to have generated $1.39 billion in stolen money through various platforms.

The group uses platforms like THORChain to process stolen funds. In March, Lazarus moved over $605 million in a single day via THORChain. This method allows the group to convert stolen assets into different cryptocurrencies, making it harder to trace the funds.

Related: Lazarus Group Holds More Bitcoins Than Tesla: Intel Data

Lazarus Group’s Crypto Holdings

Lazarus wallets are still holding approximately $1.1 billion of the funds in the cryptocurrency space, as reported by Arkham Intelligence. These assets include a significant amount of Bitcoin, Ethereum, Tether, and other cryptocurrencies. Its actions are still a cause of concern to authorities and cybersecurity analysts across the globe.

Analysts are concerned with the increasing skill levels of cybercrime groups in the crypto world. The operations of the Lazarus Group are one of the best illustrations of how digital assets can be used for criminal activities. Due to the high rate of crypto crimes, blockchain firms are expected to enhance security measures to prevent such incidents.

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