Recent data from blockchain security firm PeckShield has revealed that the infamous North Korean-sponsored hacking collective, Lazarus Group, has amassed a significant amount of TRON (TRX) in its crypto holdings.
The data, published on September 26, 2023, indicates that the group now holds over 137 million TRX tokens, valued at approximately $11.63 million.
Lazarus Group’s TRX holdings account for roughly 0.154% of the total TRON supply, making it the 66th largest TRX holder. TRON, with a total supply of 89 billion tokens, currently boasts a market capitalization of $7.5 billion.
This revelation comes in the wake of a major hack on the CoinEx exchange that occurred on September 12, 2023.
During the attack, hackers siphoned off a staggering $55 million from the platform, with a significant portion of the stolen assets consisting of TRX tokens.
Despite the hack, the TRX token has shown resilience and even posted an 8% gain over the past two weeks, currently trading at $0.084.
Blockchain security firm SlowMist identified the Lazarus Group as the perpetrator behind the CoinEx hack. Following the attack, CoinEx took measures to enhance security and resumed deposits and withdrawals for selected cryptocurrencies on September 21, 2023.
According to data from Dune Analytics, the Lazarus Group’s total crypto assets amount to approximately $45.8 million.
This total has fluctuated significantly, surging to over $80 million earlier in the year, particularly after the $41 million hack of Stake.com.
While the group holds a substantial amount of TRX, the bulk of its crypto holdings are in Bitcoin (BTC). Dune Analytics reports that the Lazarus Group possesses around $42 million worth of Bitcoin, making it a significant Bitcoin holder.
In addition to Bitcoin, the group also maintains a smaller portion of its holdings in stablecoins, with a predominant focus on Binance USD (BUSD), amounting to $640,000.
The Federal Bureau of Investigations (FBI) has attributed numerous high-profile attacks to the Lazarus Group, totaling nearly $200 million in stolen funds from victims such as Atomic Wallet, Alphapo, and CoinsPaid, occurring between June and July of this year.
Researchers and security experts have consistently reported that the Lazarus Group has channeled its illicitly acquired crypto funds into North Korea’s missile program. This highlights the challenges posed by cybercriminals who exploit cryptocurrencies for illicit activities.