CoinEx Breach Turns Lazarus Group into a TRON Whale, Holding 137M TRX

Crypto News– Recent on-chain data reveals that the Lazarus Group, a hacking collective sponsored by North Korea, has amassed a substantial amount of TRON (TRX) and is now a significant TRON whale. This group has been actively involved in illicit activities, profiting from various cryptocurrency platforms.

CoinEx Breach Turns Lazarus Group into a TRON Whale, Holding 137M TRX

As of September 26, blockchain security firm PeckShield reported that the CoinEx Drainer, which is linked to the Lazarus Group, holds over 137 million TRX, valued at approximately $11.63 million. This holding constitutes 0.154% of the total TRON supply, positioning it as the 66th largest TRX holder. To put it in context, TRX has a total supply of 89 billion and a market capitalization of $7.5 billion.

The CoinEx exchange experienced a breach on September 12, resulting in losses of up to $55 million, with a significant portion of the stolen assets consisting of TRX, the native token of the TRON blockchain. Notably, TRX has seen an 8% increase in value over the past two weeks and is currently trading at $0.084.

Furthermore, blockchain security firm SlowMist confirmed that the North Korean hacking group Lazarus was responsible for the attack on CoinEx. Despite the breach, CoinEx resumed deposits and withdrawals for select cryptocurrencies on September 21.

As per data available on a Dune Analytics dashboard affiliated with 21 Shares’ parent company, 21. co, the Lazarus group currently possesses crypto assets with an estimated value of $45.8 million.

It’s noteworthy that their crypto holdings had previously surged to over $80 million, with notable peaks in January and early September. The latter increase followed the $41 million breach of Stake.com.

While a significant portion of Lazarus’ holdings consists of TRX, the bulk of their assets are held in Bitcoin. According to Dune’s data, this cybercrime group has amassed approximately $42 million worth of BTC. Additionally, they maintain a balance of $640,000 in stablecoins, primarily in the form of Binance USD (BUSD).

The Federal Bureau of Investigation (FBI) reported that Lazarus executed cyber heists amounting to nearly $200 million from Atomic Wallet, Alphapo, and CoinsPaid during the months of June and July.

Researchers have consistently indicated that the group has funneled its illicitly acquired cryptocurrency gains into funding North Korea’s missile program.