In the dark underground of cybercrime, there are few groups that have reached the level of fame like the Lazarus Group. Indicted as being supported by the North Korean regime, this hacking group has perpetrated some of the most brazen financial break-ins of all time, hitting traditional banks and, in recent times, the emerging cryptocurrency market. Their actions have not only rocked the financial system but also raised worldwide security issues.
From Banks to Blockchain
Lazarus Group initially gained notoriety in 2014 with the Sony Pictures hack, a retaliatory cyberattack in response to the release of a satirical movie critical of North Korea. Two years later, the group tried to steal $1 billion from the Bangladesh Bank via fake SWIFT transactions. Although a typo stopped most of the transfers, $81 million was laundered successfully—a clear indication of their prowess.
As cryptocurrency use increased, Lazarus moved into the digital asset market. Cryptocurrencies were different from the traditional banking system, as they had more relaxed regulations and quicker transactions, making them a prime target. This change enabled Lazarus to increase its attacks, targeting vulnerabilities in decentralized finance (DeFi) platforms, crypto exchanges, and wallet infrastructures.
The Bybit Heist: A New Record
In 2025, Lazarus Group perpetrated the biggest cryptocurrency heist in history when it stole $1.5 billion from Dubai-based crypto exchange Bybit. By hacking into the exchange’s hot wallets, they stole 401,000 Ethereum. Blockchain researchers tracked the stolen cryptocurrency to North Korean wallet addresses, further solidifying the group as a state-sponsored cybercrime gang.
This breach outranked all the other crypto robberies before it, demonstrating Lazarus’s unmatched reign in the business.
A Trail of Destruction
The Bybit hack is merely one in a long series of high-profile attacks perpetrated by Lazarus Group. Some other prominent incidents include:
– WazirX Hack (2024): India’s largest cryptocurrency exchange lost $234.9 million when Lazarus took advantage of multi-signature wallet vulnerabilities.
– Atomic Wallet Exploit (2023): Attackers drained $100 million from private wallets, revealing vulnerabilities in wallet provider-level security.
– Ronin Network Heist (2022): Lazarus hacked $625 million by hijacking validator nodes in the blockchain network behind Axie Infinity.
– KuCoin Breach (2020): Phishing against KuCoin’s hot wallets left $280 million in pilfered funds.
These attacks not only shook up the compromised platforms but also identified systemic vulnerabilities in crypto security.
Funding a Regime
The operations of the Lazarus Group extend beyond financial profit. The United States Federal Bureau of Investigation (FBI) attributes their crypto heists to North Korea’s weapons programs. The stolen money is said to be channeled into the nation’s nuclear and ballistic missile research, highlighting the geopolitical aspect of their offenses.
This linkage heightens the stakes for law enforcement and regulatory authorities around the globe, since every Lazarus attack indirectly supports a regime that remains committed to evading international sanctions.
Fighting Back
As the techniques of Lazarus become more advanced, the international reaction has mounted. Governments, exchanges, and blockchain engineers are putting in place tighter security protocols and regulatory environments to meet these threats. DeFi platforms are strengthening cross-chain bridge protocols, and exchanges are investing in sophisticated wallet security.
Regardless of these moves, Lazarus continues to take the lead in innovating a way out. Their employment of technology such as ElectricFish malware and money-laundering methods via tumblers like Tornado Cash also illustrates their prowess in tech innovation and persistence.
The Road Ahead
Lazarus Group has redefined financial cybercrime from the old-school bank fraud to taking advantage of the weaknesses of cryptocurrency. Their activities have brought to light glaring weaknesses in the digital asset environment, compelling the industry to confront the issues of security and regulation.
As law enforcement authorities continue to monitor their activities, the battle against this state-sponsored hacking group is far from finished. The capability of Lazarus Group to evolve means that the crypto community will continue to be a prime target, and the stakes—financial and geopolitical alike—have never been greater.
