Lazarus Group Cashes In $2.51M Profit from WBTC Sale

North Korea’s Lazarus Group has reportedly made a profit of $2.51 million after selling 40.78 Wrapped Bitcoin (WBTC) that was acquired two years ago. Data from blockchain tracking firm SpotOnChain suggests that a wallet linked to the hacker group sold the WBTC for approximately 1,847 Ethereum (ETH), valued at $3.51 million at the time of the transaction.

Following the sale, the wallet distributed 2,507 ETH across three separate addresses. The transactions were made in batches of 205 ETH, 500 ETH, and 1,865 ETH, with the final amount reportedly sent to another wallet associated with Lazarus Group.

Today, the Lazarus Group (North Korean hackers) sold 40.78 $WBTC ($3.51M) for a $2.51M profit (+251%)—after buying it 2 years ago.

They spent 999.9K $USDT to acquire the $WBTC at ~$24,521 in Feb 2023, and sold it for 1,857 $ETH at ~$86,170 just 12 hours ago.

The hackers then… pic.twitter.com/KYQmqnJnIC

— Spot On Chain (@spotonchain) April 3, 2025

WBTC Price Surge Boosts Lazarus Group’s Profits

The wallet bought 40.78 WBTC in February 2023 for about 999,900 USDT. At that moment, the typical price of WBTC was approximately $24,521 for each token. Since that time, the value of Wrapped Bitcoin has increased by more than 240%, hitting $83,447 at the time of this report.

According to the sale price, the group allegedly attained a profit of 251%, totaling $2.51 million in actual earnings. Blockchain analysis shows that the group possessed the WBTC for almost two years prior to selling the assets

Lazarus Group’s On-Chain Activity

Blockchain Analysts have kept close watch on wallets linked to Lazarus Group, as they were closely connected to major cryptocurrency exchange hacks by the group. The reports state that the group utilizes complicated methods of laundering money, exchanging the money stolen from them for other cryptocurrencies and then sending the coins out into various wallets.

Blockchain data, as of March 4, indicated that Lazarus Group was able to launder some £1.39bn ($1.39bn; 499,000 ETH) of ETH obtained from the Bybit hack within just ten days. At least $605 million was processed in a single day by THORChain, a decentralized cross-chain liquidity protocol, as analysis suggests.

A wallet belonging to the group holds an estimated $1.1 billion worth of cryptocurrency, split between Bitcoin, Ethereum and Tether (USDT), as per Arkham Intelligence.

Growing Cybersecurity Concerns

Security specialists have cautioned about North Korea’s growing engagement in cyber assaults aimed at the cryptocurrency industry. Google’s Threat Intelligence Group has earlier indicated an increase in attempts by North Korean IT professionals to breach tech and cryptocurrency firms throughout Europe.

These IT experts work as through the gateways for state backed hacking teams such as Lazarus Group. According to these reports, cryptocurrency stolen assets are the key source of funding for the North Korea’s different activities, including its weapons projects.

Authorities and blockchain analysis companies continue to track transactions linked to the Lazarus Group, but the group still has its ways of how to launder and transfer funds remains a challenge for investigators.

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