Study: Lazarus hackers launder cryptocurrency through gift cards

Hackers from the Lazarus Group launder stolen cryptocurrency through several exchanges or gift cards. In a joint report by the British defence company BAE Systems and SWIFT, concluded that the Lazarus Group, associated with North Korea, is “milking” the stolen cryptocurrency. The attackers then launder each portion through various exchanges.

The second method is intermediaries from East Asia. They move the cryptocurrency through their numerous addresses to “hide the origin of the funds”.

“Intermediaries move part of the proceeds through new bank accounts, which allows converting cryptocurrency into fiat money”, the experts noted.

To avoid scrutiny by authorities and checks when opening new accounts, the hackers use insiders at financial institutions. They also transfer bitcoins to prepaid gift cards, activating them on other exchanges or converting them into jewelry.

F-Secure noted the Lazarus hackers’ interest in job seekers in the blockchain and cryptocurrency. Some professionals with LinkedIn profiles received emails offering jobs that contained a malicious file.

Earlier, the attackers intensified attacks on macOS and Windows devices of Russian citizens. For them, the hackers released cryptocurrency trading applications containing a Trojan.

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