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- Lazarus devalued bitcoin, which was stolen by the Defi network.
- Lazarus has committed more than 40 plus hacks all across the world.
According to media sources in the United States, North Korea is struggling with a massive cash crisis after significantly devaluing stolen crypto assets.
(Lazarus is a group of many hackers operating this group from North Korea, established in 2009. the operating agency of this group is Reconnaissance General Bureau and Korea Computer Center.)
According to reports, Lazarus, a group of hackers headquartered and operating in North Korea, has committed one of the biggest hacks, the Defi network amounting to $615 million.
The united states also blamed Lazarus for having done several big hacks on networks like Sony entertainment and “Wanna cry” and hacked many international banks. And a report states that in 2021 Lazarus alone stole $400 million from several sources.
In 2021 East Asian country had made fortunes by hacks to cryptocurrency wallets, which made off millions of dollars. According to reports, most of the stolen funds from the Defi network were used to finance the army and help support the country’s struggling economy.
From the second quarter of 2021, many Altcoins and Bitcoin have decreased by 70 to 80 percent in the market and are still facing a downtrend, and maybe a far more chance to see some downtrend in the upcoming 12 months. And the decreasing prices of crypto will be harmful to the hackers because it will not be easy for them to cash out stolen funds.
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Conclusion
Bitcoin prices are significantly facing a severe downtrend for $ 650 million were stolen by Lazarus hacker group based in North Korea is devaluing the bitcoin prices and the price on Sunday 3 July 2022 was recorded nearly 18k and it is believed that the crypto market may face more downtrend in upcoming 12 months.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
