Lazarus Group Sells $3.51M in WBTC for 251% Profit: North Korean Hackers Cash Out Crypto Holding

North Korea's Lazarus Group has liquidated 40.78 WBTC worth $3.51 million in the past 12 hours, blockchain data shows. The notorious hacking collective offloaded their bitcoin-backed tokens at $86,170 each, capturing a 251% return on their original investment.

Blockchain analyst Spot On Chain (@spotonchain) revealed in an X post on April 3rd that the hackers initially acquired the WBTC position in February 2023, spending 999,900 USDT when bitcoin traded at approximately $24,521. The group held the position through bitcoin's bear market and subsequent recovery, executing their exit at the $86,170 price level.

The transaction netted the hackers 1,857 ETH, worth approximately $3.51 million at current market rates. This marks a $2.51 million profit from their original investment.

Following the WBTC liquidation, on-chain data shows the Lazarus Group immediately split the 1,857 ETH proceeds across three different wallet addresses. This common tactic among threat actors aims to complicate fund tracking and potentially prepare for further mixing or laundering operations.

The transaction comes amid increased regulatory scrutiny of North Korean crypto operations, which have become a significant revenue source for the sanctioned nation. Intelligence agencies estimate North Korean hackers have stolen billions in digital assets to fund weapons programs and evade international sanctions.

Lazarus Group remains one of the most sophisticated state-sponsored crypto threat actors, known for high-profile attacks against exchanges and DeFi protocols.