According to data from the analytics company Elliptic, the Lazarus hacker group, linked to North Korea, has stolen approximately $900 million in cryptocurrency between July 2022 and July 2023, using cross-chain crime schemes. In total, more than $7 billion has been laundered through such schemes.
Cross-chain crimes involve transferring cryptocurrency from one token or blockchain to another in quick succession to obscure the source of funds. This method has become a popular way to launder stolen assets, providing an alternative to traditional mixers, which increasingly face seizures and sanctions.
According to Elliptic's report, the use of cross-chain bridges by Lazarus has been a key factor in a 111% increase in the volume of funds transferred through such services. Since June 2023 alone, the Lazarus group has stolen approximately $240 million as a result of attacks on Atomic Wallet, CoinsPaid, Alphapo, Stake.com, and CoinEx.
Experts note that the Lazarus group employs both traditional methods of cyber espionage and sabotage as well as schemes for financial gain. Cross-chain bridges, such as Avalanche Bridge, allow criminals to process significant amounts of bitcoin and other assets while hiding their origins.
Elliptic emphasizes that "hopping" between blockchains for obfuscation has become a recognized method of money laundering in cryptocurrency crimes.
