The U.S. Treasury Department has recently identified three over-the-counter (OTC) cryptocurrency traders in China and Hong Kong, as well as a China-based banker, who is believed to have assisted North Korea’s Lazarus Group in converting stolen crypto into fiat currency. The Department of Foreign Assets Control (OFAC) took action against the accused for providing material support to the North Korea-based Lazarus hacking group.
North Korea’s Lazarus Group is a notorious hacker group responsible for some of the largest crypto heists in recent years. According to OFAC’s report, the group is linked to illicit financial and cyber activity that supports North Korea’s development of weapons of mass destruction (WMD) and ballistic missile programs.
Under-Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson stated that North Korea’s operations to raise funds for WMD and ballistic missile programs directly threaten world security and cited three intercontinental ballistic missiles launched by North Korea this year as evidence of the same.
Chainalysis, a blockchain analysis firm, estimates that North Korean hackers such as the Lazarus Group have stolen an estimated $1.7 billion in cryptocurrencies in 2022 alone through numerous breaches traced to them. Moreover, they were one of the major forces behind the DeFi hacking trend, stealing $1.1 billion in DeFi protocol att
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