North Korean hackers net $2.5 million profit after WBTC sales

Market observers noted that the recent crypto trade by Lazarus Group suggests preparation for further exploits.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Blockchain intelligence platform SpotOnChain reported that North Korea’s state-backed hacking group, Lazarus, has pocketed over $2.5 million in profit from a recent sale of wrapped Bitcoin (WBTC).

On April 3, the group sold 40.78 WBTC for 1,857 ETH, worth roughly $3.51 million. The sale marks a sharp return on their February 2023 investment, when they spent around $1 million in USDT to acquire the assets at an average price of $24,521 per WBTC.

In this recent transaction, each WBTC was sold for approximately $86,170—over 250% more than the original purchase price.

After the sale, the group distributed the ETH across three wallets. Two of the wallets are newly created, while the third has already been linked to the group in past activities.

While the transaction might appear routine, market observers have suggested that funds movement hints at preparations for future operations.

Lazarus Group

Over the past few years, Lazarus has steadily built a reputation as one of the most dangerous black-hat organizations targeting the financial and crypto i0ndustries.

Their activities, supported by the North Korean regime, have contributed to the theft of more than $6 billion in digital assets over the past decade, according to an April 3 report by the Wall Street Journal.

Their most notable attack to date was the recent Bybit hack, where they stole $1.5 billion in a single exploit. These stolen funds are believed to fuel North Korea’s nuclear weapons development and support the country’s efforts to evade global sanctions.

Lazarus continues to rely on stealth, patience, and deception to infiltrate companies. Members often pose as recruiters on platforms like LinkedIn or pretend to be remote IT workers. These social engineering tactics have helped them gain access to internal systems and execute large-scale attacks.

Meanwhile, the group’s effectiveness is tied to the resources behind them. Estimates suggest North Korea operates a cyber force of over 8,000 individuals trained to breach systems globally.

The hacking group reportedly operates with the structure and discipline of a digital military, making them a sustained threat to the global financial system.

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