The renowned Lazarus group, strongly believed to be associated with the North Korean authorities, has risen again in the crypto world by laundering $13 million US dollars via Tornado Cash. On March 13 and 14, 2024, more than $13 million in ETH from the HTX/HECO thefts began to be sent to Tornado Cash, across more than 40 transactions by the notorious group.

Elliptic,  one of the leading blockchain analytics firms, and many other experts have concluded that the Lazarus group is the culprit behind the HECO heist. One of the largest tragedies to hit the cryptocurrency market quickly was when $100 million was stolen from the HTX (formerly Huobi) exchange and its HECO cross-chain bridge in November 2023. 

Lazarus Group Favors Tornado Cash Despite Regulatory Sanctions

According to the Chainalysis Crypto Crime Report of 2023, Sinbad became a preferred mixer for North Korea-affiliated hackers in 2022, soon after the sanctioning of Tornado Cash in August 2022, which had previously been the go-to for these sophisticated cyber criminals. With the law enforcement’s regulatory efforts in the sanctioning and shutdown of mixer Sinbad in November 2023, Sinbad was out of the picture, and Bitcoin-based mixer YoMix acted as a replacement. 

As Lazarus Group switches back to Tornado Cash, a typical move to avoid sanctions and law enforcement actions, the group’s modus operandi entails the swift cleanup of their stolen tokens using decentralized exchanges.

The U.S. Treasury sanctioned Tornado Cash in August 2022 for the same reason, that is, for its role in laundering funds from Lazarus Group hacks. However, the Tornado Cash still operates without any hindrances. Because of Its distributed smart contract-based technology, it cannot be seized and shut down in the same way that centralized mixers such as Sinbad.io have been. 

Who is the Lazarus Group?

Lazarus is a group of North Korean states responsible for crypto hacks totalling hundreds of millions of dollars. This threat group is known for its specialization in conducting large crypto-heists and has had a very prolific year so far. This group has stolen more than $500 million of crypto in the year 2023. 

This same threat group was linked to the theft of $115 million from Atomic Wallet in June, $70 million from Alphapo in July,  $37.3 million from Coins Paid in July, $54 M from Coinex and another $41M from Stake.com. 

At the end of the year, $100 Million in the HTX-HECO bridge hack and another $125 million from Poloniex in November were stolen. This brings the total to more than $500 Million in just 172 days. 

Crime Department Vows to Prevail Justice

The U.S. law authorities are bent on unmasking and prosecuting those who use technology to hide their crimes, no matter how sophisticated the scheme may be. Just as Bitcoin fog founder Roman Sterlingov was found guilty of laundering $400 Million worth of crypto in September, the case of Roman Storm, co-founder of Tornado Cash, will be heard in a courtroom as well. 

The hearing of his case will decide the future of crypto mixing services and their presence in the U.S. markets.

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