Lazarus Group Emerges as TRON Whale Following CoinEx Hack

Learn about the Lazarus Group's rise as a major TRON whale after the CoinEx hack, holding over 137M TRX. Discover the extent of their crypto holdings and their involvement in North Korea's missile program.

Posted 6 months ago in Security

A computer hacker symbolizing the Lazarus Group on a dark background

North Korean-sponsored hacking collective, the Lazarus Group, has become a major holder of Tron (TRX) after illicitly acquiring $11.63 million from crypto platforms. Reports indicate that the group now holds approximately $45.8 million in crypto assets, with just over 137 million TRX in its possession.

On September 26, blockchain security firm PeckShield revealed that the CoinEx Drainer, a hacker associated with the Lazarus Group, controls these significant holdings. This accounts for 0.154% of the total TRON supply, positioning the group as the 66th largest TRX holder. TRON's total supply stands at 89 billion, with a market capitalization of $7.5 billion.

The CoinEx exchange experienced a hack on September 12, resulting in the loss of $55 million. TRX made up one-fifth of the stolen funds, equating to approximately $11 million. The token is currently trading at $0.084, representing an 8% increase over the past two weeks. The attack has been attributed to the North Korean hacker group, Lazarus, by blockchain security firm SlowMist. Deposits and withdrawals resumed for selected crypto assets on September 21.

According to Dune Analytics, the Lazarus Group presently possesses crypto assets valued at $45.8 million, with holdings that peaked at over $80 million in January and early September. Despite its substantial TRX holdings, the majority of the group's assets consist of Bitcoin, which is estimated to be worth around $42 million. Additionally, the group holds $640,000 in stablecoins, primarily Binance USD (BUSD).

Researchers have reported that the Lazarus Group has frequently utilized its ill-gotten crypto gains to support North Korea's missile program. In recent times, the group has been involved in various attacks, amassing $240 million in just 104 days, according to crypto security firm Elliptic. The firm has also noted a shift in the Lazarus Group's tactics, which now involve targeting centralized crypto providers through social engineering and sophisticated phishing attacks.

Last updated 9/26/2023, 12:36:56 PM


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