Lazarus Group Laundered Over $240M of ETH Through THORChain, Swapped It for BTC

For years, Lazarus Group has been behind some of the biggest crypto heists, including the Ronin Bridge and Harmony hacks.

An interesting tidbit from the crypto sphere: According to blockchain analytics firm Arkham, a major crypto threat actor, Lazarus Group, is actively laundering an estimated minimum of $240 million in ETH through cross-chain liquidity protocol THORChain.

The bulk of the ETH was used for liquidity provision on THORChain in exchange for Bitcoin (BTC).

Those familiar with Lazarus Group know the threat actor has been involved in some of the biggest crypto heists in recent times, including the Ronin Bridge and Harmony hacks.

Its presence on THORChain shouldn’t come as a surprise as the protocol is known for facilitating large-scale asset transfers in a decentralized manner.

It also isn’t subject to the same level of scrutiny as centralized exchanges, which usually require traders to pass through stringent identity verification procedures.

In addition, Arkham’s tagging system highlights the movement of funds from Lazarus-linked wallets on Ethereum.

The funds were mainly used for liquidity provision on THORChain to swap ETH for native BTC.

Annually, Lazarus Group is thought to steal around $1 billion to $1.5 billion from various sources, including cryptocurrency exchanges and online casinos.

Earlier this year, Chainalysis estimated that at least $1 billion in crypto was stolen in 2023.

The post Lazarus dumps $240M in ETH through Thorchain for BTC appeared first on CryptoChain.

CryptoTax is pleased to announce its support for THORChain, a decentralized cross-chain liquidity protocol, in its mission to simplify and streamline cryptocurrency taxes.

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Its aim is to help crypto users easily track and calculate their taxes on cross-chain swaps executed on THORChain.

The protocol, which enables users to seamlessly transfer and trade crypto assets across different blockchains without intermediaries, has become increasingly popular but is also used by bad actors.

Earlier this year, blockchain analytics firm, Arkham, revealed that Lazarus Group, a notorious crypto threat actor, has been exploiting THORChain for facilitating large-scale money laundering activities.

According to Arkham’s data, Lazarus Group has been siphoning minimum $240 million of ETH through THORChain.

The majority of the ETH was used for liquidity provision on THORChain in exchange for Bitcoin (BTC).

Its presence on THORChain shouldn’t come as a surprise as the threat actor is known for being involved in some of the biggest crypto heists, including the Ronin Bridge and Harmony hacks.

Those familiar with the crypto space will know that it’s nearly impossible to follow the trail of transactions.

However, according to Arkham, its tagging system shows the movement of funds from Lazarus-linked wallets on Ethereum.

The funds were mainly used for liquidity provision on THORChain to swap ETH for native BTC.

In other words, the crypto threat actor has been busy converting stolen crypto and spreading them across different wallets to make it harder for authorities to follow.

Those in the know will know that Lazarus Group is a major cyber threat actor that is part of North Korea’s intelligence agency.

Annually, the threat actor is thought to steal around $1 billion to $1.5 billion from various sources, including cryptocurrency exchanges and online casinos.

Earlier this year, Chainalysis estimated that at least $1 billion in crypto was stolen in 2023.

The post CryptoTax adds support for THORChain ahead of tax season appeared first on Chainzilla.