North Korean Hackers Profit $2.5M from WBTC Sale, Signaling Future Cyber Moves
03.04.2025 18:05
Lazarus Group, North Korea’s state-backed hacking organization, has generated over $2.5 million in profit by selling 40.78 WBTC for approximately 1,857 ETH, valued at around $3.51 million. The group had previously acquired the WBTC in February 2023 with a $1 million USDT investment, achieving a return of more than 250% when selling each WBTC for about $86,170. Following the sale, the ETH proceeds were distributed across three wallets—two newly created and one historically linked to the group—raising market speculation that these funds may be setting the stage for further illicit operations. The news comes on the heels of Lazarus Group’s notorious history, which includes the high-profile $1.5 billion Bybit hack, and a decade-long record of stealing over $6 billion from the digital asset space. Their actions, reportedly funded by the North Korean regime to support nuclear weapons development and help bypass global sanctions, underscore enduring security vulnerabilities in the financial and crypto sectors.
WBTC faces potential short-term volatility as the market reacts to its involvement in a high-profile illicit sale. The significant profit realized by Lazarus Group could prompt increased caution among investors regarding asset security and custody. Although Bitcoin's underlying strengths might counterbalance long-term impact, the event may temporarily disrupt confidence and trigger risk reassessment.
ETH could experience short-term downward pressure as the significant amounts received by the hackers are redistributed across multiple wallets, potentially leading to sell-offs. However, given Ethereum's robust use cases and institutional support, any negative impact is expected to be transient. Market watchers will likely scrutinize these transactions as indicators of further laundering, though long-term fundamentals should help mitigate lasting adverse effects.
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