Blockchain analyst ZachXBT just published a report on the famous North Korean hacker group Lazarus Group, which is responsible for some of the largest cryptocurrency robberies in the history of the industry.

The report tracks 25 attacks affecting individuals and businesses in the cryptocurrency sector, through which Lazarus laundered $200 million from digital assets to cash between 2020 and 2023.

ZachXBT has examined several six-digit crypto wallet hacks over the past few years, including a hack of several crypto exchange hot wallets in 2020. This included $370,000 in Bitcoin ( BTC) and Ether (ETH) stolen from Canadian exchange Coinberry in August 2020, and $750,000 stolen from CoinMetro in October 2020.

ZachXBT already tracks these funds on-chain, although they move through the mixer based on the unique characteristics of their withdrawals. Over the next two years, the assets were merged with funds from other Lazarus group robberies, which were then sent to P2P cryptocurrency markets such as Paxful Noones in the form of Tether (USDT).

Lazarus also made multiple transfers to Chinese OTC trader Wu Huihui in 2021. It was not until April 2023 that the Department of Justice (DOJ) opened charges against Wu alleging he facilitated payment lawsuit to the DPRK.

Elliptic's analysis last year found that Lazarus was behind more than $300 million in crypto hacks in 2023 alone. As of September, they held $47 million in crypto in their wallets.