Blockchain analytics agency Elliptic revealed that the North Korea-backed hacker group Lazarus is as soon as once more utilizing sanctioned crypto mixer Twister Money to obfuscate its transactions.
Final 12 months, the group ceased utilizing the crypto mixer after US authorities sanctions, which have been imposed because of allegations of aiding criminals in laundering illegally obtained digital belongings.
Following the sanctions, Twister Money noticed an 85% decline in general quantity as hackers started utilizing alternate options like Sinbad.io and cross-chain bridges.
Why Lazarus group returned to Twister Money
Nonetheless, the US authorities’s sanctions on Sinbad.io for facilitating cash laundering actions of North Korean state-sponsored hacking teams have restricted choices for Lazarus.
Consequently, the group has turned to Twister Money, which has remained operational regardless of the US sanctions because of its decentralized nature.
Elliptic additionally disclosed that the group not too long ago moved roughly $13 million in funds stolen from the HTX Exploit. These funds have been transferred by Twister Money in over 40 transactions throughout the final three days, marking their first motion for the reason that November 2023 incident.
What does this imply for the business?
Lazarus Group’s return to Twister Money displays the federal government’s incapability to curb the mixer’s operations successfully, in keeping with Elliptic.
The agency defined that Twister Money can’t be seized and shut down like centralized mixers as a result of it operates by sensible contracts on decentralized blockchains.
Tom Robinson, the co-founder of Elliptic, added:
“The takedowns of centralized mixers by legislation enforcement businesses is maybe pushing crypto laundering again in direction of decentralized alternate options.”
Information from DeFillama additional suggests a resurgence of the platform, with the whole worth of belongings locked reaching $565 million, marking its highest stage for the reason that US authorities imposed sanctions in 2022.
This uptrend can also be mirrored within the protocol’s native TORN token, which was buying and selling at roughly $2 as of press time — up 13% throughout the previous day, based mostly on CryptoSlate knowledge.
In the meantime, the crypto group has rallied behind the mission’s builders after a number of governments, together with the US, focused them with authorized motion. Notable crypto stakeholders like Coinbase have supported the builders’ authorized protection.
