The infamous North Korean hacking group, Lazarus, has been caught red-handed using THORChain to launder stolen crypto
For years, Lazarus Group has been behind some of the biggest crypto heists, including the Ronin Bridge and Harmony hacks. Now, they seem to have found a new playground—THORChain, a decentralized cross-chain liquidity network.
Unlike centralized exchanges that require identity verification, THORChain allows users to swap assets across blockchains without revealing personal information. This makes it a gold mine for bad actors looking to cover their tracks.
Arkham’s data shows that Lazarus-tagged wallets have been actively moving large amounts of ETH through THORChain, swapping it for native BTC. By converting the stolen funds and spreading them across different wallets, Lazarus is making it harder for law enforcement to trace their transactions. It’s like trying to follow footprints in the sand—once the tide comes in, the trail disappears.
THORChain was built to offer seamless crypto swaps without intermediaries, but that very feature is now being exploited. The protocol doesn’t have built-in Know Your Customer (KYC) requirements, making it attractive to both privacy-focused users and criminals alike.
The situation raises serious questions about security in the DeFi space. While decentralization is a core principle of crypto, bad actors continue to find ways to abuse the system. Regulators are already keeping a close eye on DeFi, and incidents like this could add fuel to the fire, leading to tighter restrictions or even legal action against platforms facilitating illicit activity.
CryptoTax now supports THORChain, making it easier for users to track and calculate taxes on cross-chain swaps. With support for over 3,500 protocols across 150+ blockchains, CryptoTax simplifies even the most complex crypto transactions, including DeFi, DEX trading, and NFTs.
Whether swapping assets on THORChain or engaging in other decentralized activities, users can now generate accurate tax reports and stay compliant with regulations.
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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ETHALERT: LAZARUS LAUNDERING THROUGH THORCHAIN - MINIMUM $240M SO FAR Over $240M of ETH has been sent through Thorchain by Lazarus-tagged wallets on Arkham. These funds have mainly been swapped for native BTC.
Just in time for tax season @CryptoTaxHQ now supports THORChain
