Lazarus Group: Crypto Hacks, State-Sponsored Cybercrime, and How It Affects Your Wallet

When you hear about a crypto exchange getting hacked for hundreds of millions, chances are it’s the work of the Lazarus Group, a North Korean state-sponsored cyberwarfare unit that specializes in stealing cryptocurrency to fund national programs. Also known as APT38, this group doesn’t operate like random hackers—they’re disciplined, well-funded, and have a clear mission: get crypto, no matter the cost.

The Lazarus Group, a cybercriminal organization tied to the Reconnaissance General Bureau of North Korea. Also known as APT38, this group doesn’t operate like random hackers—they’re disciplined, well-funded, and have a clear mission: get crypto, no matter the cost. has been behind some of the most brazen crypto heists ever recorded. They hit the Ronin Network for $625 million in 2022, stole $100 million from Harmony’s Horizon Bridge, and even targeted decentralized exchanges like KuCoin. These aren’t random attacks—they’re calculated operations that exploit weak security, fake airdrops, and social engineering. They don’t care about anonymity; they care about results. And they’ve learned to use blockchain forensics tools like Chainalysis and Elliptic to trace their own stolen funds, then launder them through mixers, bridges, and fake DeFi protocols. It’s a cat-and-mouse game, but the mice are often the ones losing.

What makes the Lazarus Group dangerous isn’t just their skill—it’s their backing. Unlike ordinary scammers, they answer to a government. That means they have time, resources, and patience. They’ve trained hackers for years. They’ve built entire infrastructure networks just to move stolen crypto. And they’ve turned crypto theft into a national economic strategy. When sanctions cut off North Korea from traditional banking, they didn’t give up—they went digital. Now, crypto isn’t just a target—it’s their lifeline.

And you’re not immune. Even if you’re not trading on a major exchange, you could still be a target. Fake airdrops, phishing links disguised as wallet updates, and rigged NFT drops? All tools in their playbook. The same tools that Chainalysis uses to track them are the same ones you need to spot their traps. If a crypto offer seems too good to be true, it’s probably a Lazarus Group trap. If a project has no team, no code audit, and a sudden spike in social media hype? That’s their signature.

Below, you’ll find real breakdowns of crypto investigations, exchange vulnerabilities, and airdrop scams that mirror the tactics Lazarus Group uses. You’ll see how blockchain forensics tools like Chainalysis and Elliptic are used to trace stolen funds—and how scammers mimic those same methods to fool everyday users. You’ll also learn about exchanges like Slex and Joyso that lack transparency, making them perfect targets for infiltration. This isn’t theory. It’s what’s happening right now. And knowing how they work is the first step to staying safe.