Crypto’s Most Wanted: Lazarus Group’s $3.19M Heist on Tron Sparks Global Alarm

The infamous Lazarus Group, a state-backed North Korean cybercriminal syndicate, has once again struck the cryptocurrency world.

Blockchain investigator ZachXBT recently reported a sophisticated hack that siphoned approximately $3.19 million in USDT from an unknown victim on the Tron blockchain. 

The stolen funds were quickly laundered through Ethereum before vanishing into the depths of Tornado Cash, a privacy-focused mixing service.

This latest attack bears all the hallmarks of Lazarus Group’s signature laundering techniques, which have been instrumental in their long history of cyber heists. 

The group, notorious for its involvement in some of the largest cryptocurrency thefts in history, has reportedly stolen over $6 billion in digital assets since 2017, with much of the proceeds allegedly funneled into funding North Korea’s ballistic missile program.

A Coordinated Strike: From Tron to Ethereum to Tornado Cash

According to TronScan data, the Lazarus Group hackers used two addresses—TYQ3455gFNeqyw and 0xcced1276382f4d—to steal 3,199,779 USDT from a victim whose wallet address is identified as TDNaLds1A1g6vYRU. 

Also read: Learning from the Milei Scam Case: How to Avoid Scams in Meme Coins

Once the funds were obtained, the cybercriminals swiftly transferred them to Ethereum, swapped them for ETH, and then fragmented the assets across ten different addresses before sending them through Tornado Cash in the following breakdown:

• 96 transactions of 10 ETH

• 4 transactions of 100 ETH

• 78 transactions of 1 ETH

• 5 transactions of 0.1 ETH

This structured layering process is a known tactic employed by the Lazarus Group to obfuscate the flow of stolen funds, effectively severing their traceability on the blockchain. 

By utilizing decentralized exchanges (DEXs) rather than centralized platforms (CEXs), the group circumvents potential freezes on illicit funds, a move designed to outmaneuver regulatory and forensic tracking efforts.

Ties to Past Heists: The Michael Kong Hack Connection

ZachXBT’s investigation unearthed a critical link between this latest hack and the October 2023 breach of Michael Kong, CEO of Fantom/Sonic. 

The hackers reused an address from the Kong attack, further cementing their connection to the Lazarus Group’s broader spear-phishing campaign, which was documented in a March 2024 UN report.

Moreover, on February 22, ZachXBT disclosed another Lazarus Group exploit, revealing how the hackers had directly connected the Bybit and Phemex hacks by commingling stolen assets from both breaches into a single laundering pipeline.

Bybit: The Largest Crypto Heist in History?

The Lazarus Group’s involvement in the Bybit hack—an estimated $1.5 billion Ethereum theft—has set new records in the cybercrime space. 

The attack, which saw over 400,000 ETH drained from Bybit’s cold wallet, is now considered one of the most devastating financial breaches ever recorded in the cryptocurrency industry. 

Elliptic’s research suggests that Bybit’s security breach was meticulously planned, allowing the hackers to execute what is now potentially the largest crypto heist in history.

Also read: The LIBRA Token Scandal: President Milei, Hayden Davis, and Argentina’s Crypto Nightmare

How Lazarus Launders Stolen Crypto

According to Elliptic’s forensic report, the Lazarus Group follows a highly systematic laundering process to clean stolen digital assets and cash them out without detection. 

Their approach consists of three critical steps:

1. Token Swapping – The hackers immediately exchange stolen stablecoins and altcoins for blockchain-native assets like Ether or Bitcoin to prevent issuers from freezing stolen funds.

2. Layering Funds – The stolen assets are moved through multiple wallets, cross-chain bridges, and DEX swaps to obscure transaction trails and delay tracking efforts.

3. Mixing with Tornado Cash – The final phase involves using cryptocurrency mixers such as Tornado Cash to erase transactional links between the hacked funds and the final wallet destinations.

What’s Next?

This latest $3.19M Tron-to-Ethereum hack reaffirms that the Lazarus Group remains one of the most formidable cyber threats in the crypto space. 

With growing concerns over North Korea’s use of stolen crypto funds for weapons development, global regulatory agencies and blockchain forensics firms are intensifying their efforts to track and disrupt the group’s activities.

However, as the Lazarus Group continues to evolve its techniques—leveraging DEXs, cross-chain swaps, and privacy mixers—crypto exchanges and security firms face an ongoing battle against one of the most sophisticated financial cybercrime networks in modern history.

Also read: Libra Coin ($LIBRA) Scandal: Argentine President Milei's Involvement in Alleged Cryptocurrency Fraud

FAQs

1. Who is the Lazarus Group, and why are they significant in crypto cybercrime?

The Lazarus Group is a North Korean state-backed cybercriminal organization responsible for some of the largest cryptocurrency thefts in history. They have reportedly stolen over $6 billion since 2017, using the proceeds to fund North Korea’s ballistic missile program.

2. How did the Lazarus Group execute the $3.19M Tron hack?

The group stole approximately $3.19 million in USDT from an unknown victim on the Tron blockchain. The funds were then transferred to Ethereum, swapped for ETH, and laundered through Tornado Cash via multiple transactions to obscure their origin.

3. What is Tornado Cash, and why do hackers use it?

Tornado Cash is a decentralized cryptocurrency mixer that enhances privacy by breaking the link between sender and receiver addresses. Cybercriminals, including the Lazarus Group, use it to launder stolen funds, making it difficult for authorities to track transactions.

4. How is this hack connected to previous Lazarus Group cyberattacks?

Blockchain investigator ZachXBT linked this attack to the October 2023 hack of Michael Kong, CEO of Fantom/Sonic, by identifying reused wallet addresses. Additionally, similar laundering techniques were observed in the Bybit and Phemex exchange hacks.

5. What measures are being taken to counter Lazarus Group’s cyber threats?

Global regulatory agencies, blockchain forensic firms, and crypto exchanges are increasing security measures, tracking illicit transactions, and blacklisting suspicious wallets. However, the Lazarus Group continues to refine its laundering tactics, making enforcement a significant challenge.