As a seasoned crypto investor with over a decade of experience navigating this digital frontier, I can confidently say that the recent freeze of $5 million worth of stablecoins by major issuers is a significant stride towards ensuring the integrity of our industry. The relentless work of investigators like ZachXBT, supported by entities such as Metamask, Binance, TRM Labs, and Five I’s LLC, has shed light on the clandestine activities of notorious hacking groups like the Lazarus Group.
The infamous hacking group known as the Lazarus Group, suspected to have ties with North Korea, has seen approximately $5 million in stablecoins held by significant issuers being blocked following a comprehensive probe led by blockchain analyst ZachXBT. This step was taken after it was discovered that they had been laundering cryptocurrency funds through various blockchain networks for the past three years.
With backing from Metamask, Binance, TRM Labs, and Five I’s LLC, ZachXBT uncovered evidence that the Lazarus Group has been stealing over $200 million in cryptocurrency from 25 different cyber attacks. These pilfered funds were subsequently exchanged for traditional currency through the majority of peer-to-peer platforms.
ZachXBT Criticizes Circle for Slow Response in Freezing USDC
Based on the findings of the investigation, roughly $5 million from stablecoins like USDT (Tether), USDC (Circle), TUSD (Techteryx), and BUSD (Paxos) have been temporarily locked in two wallets linked to the Lazarus Group. Currently, an additional 720K DAI and approximately 313 ETH remain unfrozen in these wallets.
In his recent update, ZachXBT from X (previously Twitter) disclosed an additional $1.65 million in assets being frozen at exchanges. This brings the total to $6.98 million. While he praised most stablecoin issuers for their swift actions, he criticized Circle, the USDC issuer, for moving too slowly. He noted that it took Circle 4.5 months longer than other issuers to freeze the tokens, despite having a sizable staff for a long time. Additionally, ZachXBT pointed out that Circle lacked an incident response team capable of promptly addressing potential breaches.
This development always emphasizes the fact that protecting digital assets is still a complex issue and severely stresses the importance of quick and proper responses to cyber threats. Freezing these assets would be the next step in countering the Lazarus Group’s operations and protecting the authenticity of the cryptocurrency industry.
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2024-09-16 21:57