Circle Faces Backlash for Slow Response in $5 Million Lazarus Group Fund Freeze

2024-9-15 14:12

Stablecoin issuers froze nearly $5 million held by the notorious North Korean Lazarus Group after investigators traced the funds.

Blockchain investigator ZachXBT revealed this development in an X post on September 14.

Lazarus Group Hit by $5 Million in Stablecoin Freeze

ZachXBT reported that stablecoin issuers Tether, Circle, Paxos, and Techteryx blacklisted two addresses containing $4.96 million in assets. However, these wallets still hold $720,000 in DAI and $313,000 in Ethereum, which remain unfrozen.

These funds are linked to a broader investigation ZachXBT conducted in April. His findings suggest that the Lazarus Group laundered over $200 million from 25 crypto-related hacks between 2020 and 2023.

ZachXBT noted that $6.98 million had been frozen from these investigations, including $1.65 million held across multiple exchanges. He did not disclose which exchanges are involved.

Read more: A Guide to the Best Stablecoins in 2024

Lazarus Group Blacklisted Stablecoin Holding. Source: X/ZachXBT

Meanwhile, ZachXBT criticized Circle, the issuer of USDC, for its delayed action in blocking the funds. He argued that Circle and its CEO Jeremy Allaire have shown little concern for the crypto ecosystem, focusing instead on profiting from it.

The blockchain investigator claimed Circle took more than 4 months longer than other major stablecoin issuers to blacklist the Lazarus Group’s funds. He expressed frustration with the company’s inaction, noting that Circle did little to prevent money laundering through its platform.

“In public they pretend to be the compliant stablecoin helping protect the ecosystem when in reality it is not exactly true,” ZachXBT stated.

Read more: Crypto Scam Projects: How To Spot Fake Tokens

He also accused the company of “virtue signaling,” pointing out that despite having over 1,000 employees, Circle lacks an incident response team to block funds after DeFi hacks or exploits.

Investigators have linked the Lazarus Group to several major crypto hacks, including the recent $20 million exploit of the Indodax exchange. Reports suggest the group has siphoned around $3 billion from the cryptocurrency industry over the years. Authorities suspect North Korea uses these stolen funds to finance its weapons program.

The post Circle Faces Backlash for Slow Response in $5 Million Lazarus Group Fund Freeze appeared first on BeInCrypto.

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group million circle lazarus freeze fund faces

Источник: beincrypto.com

group million → Результатов: 126


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$571 Million in Damages: North Korean Hacking Group Lazarus Behind High-Profile Cryptocurrency Hacks

Although there have been over $882 million cryptocurrencies stolen from online exchanges since 2017, Lazarus, a North Korean, state-sponsored group is responsible for the majority of stolen tokens. According to an article published by The Next Web on October 19, 2018,  the Lazarus Group took over $571 million cryptocurrencies and will continue to do so in the future.

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Meet Lazarus Group ; The Largest Cryptocurrency Theft Crew of 2018

A North Korean cyber theft crew dubbed “Lazarus ”, has topped the list of highly successful cryptocurrency hacking since January 2017. In a research carried out by cyber security firm Group-IB, it was discovered that the theft crew had stolen a  total of $571 million in cryptocurrency since February 2017 ; the highest amount of […] The post Meet Lazarus Group ; The Largest Cryptocurrency Theft Crew of 2018 appeared first on ZyCrypto.

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Chen Min, the former chief chip maker at Bitcoin mining chip developer Canaan Creative, is turning her attention to Ethereum. Announcing her venture at the Ethereum Classic Summit in Seoul, South Korea, Chen’s new company, Linzhi, will focus on building cryptocurrency mining devices, and its first official products are a series of application-specific integrated circuit (ASIC) miners designed specifically for Ethereum and Ethereum Classic.

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