Michaela
The North Korean-linked Lazarus Group has intensified its activities in the cryptocurrency sector, with recent investigations uncovering a series of incidents connected to the group’s cyber operations.
On-chain investigator ZachXBT reported via his Telegram channel that the Lazarus Group was responsible for a $3.2 million digital asset scam targeting a single victim.
“A victim had multiple addresses drained on Solana for $3.2M on May 16, 2025 in a suspected Lazarus Group attack,” ZachXBT wrote. The stolen assets were liquidated on the market, with the proceeds subsequently transferred from the Solana network to Ethereum (ETH) via a cross-chain bridge.
ZachXBT further disclosed that 400 ETH in stolen funds was deposited into Tornado Cash on June 25, followed by an additional 400 ETH deposited two days later.
An Ethereum wallet connected to the incident still holds approximately $1.25 million in digital assets, including the stablecoin DAI and ETH.
Furthermore, ZachXBT recently alleged that over 80% of the revenue generated by the Bitcoin-based DeFi platform Garden Finance is derived from laundering funds reportedly associated with the Lazarus Group.
The allegation stands in contrast to a recent statement by Garden Finance co-founder Jaz Gulati, who spotlighted the platform’s performance, noting it generated 38.86 BTC in fees, equivalent to $300,000, within the 12-day period ending June 2.
“You conveniently left out >80% of your fees came from Chinese launderers moving Lazarus Group funds from the Bybit hack,” ZachXBT wrote in response to Gulati’s post. “Who are you building for again?” the on-chain investigator added, taking aim at Garden Finance’s claim of being “the fastest Bitcoin bridge.”
The Lazarus Group has remained a persistent threat in the global cybersecurity landscape, with its operations increasingly targeting the decentralized financial ecosystem.
As their tactics evolve and expand across blockchain networks, industry experts continue to call for stronger on-chain monitoring and international collaboration to counter the group’s illicit activities.
Read More
- Lazarus Group Behind Fake US Firms Targeting Crypto Workers – Report
- Bybit Tracks $1B+ in Stolen Crypto From Lazarus Group Hack
- North Korea’s Lazarus Group Expands Crypto Holdings After Bybit Hack
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
