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The U.S. FBI has drawn attention to a significant sum of Bitcoin, amounting to approximately $40 million, that is believed to be linked to North Korean cyber activities, according to a recent announcement:
“Over the last 24 hours, the FBI tracked cryptocurrency stolen by the Democratic People’s Republic of Korea (DPRK) TraderTraitor-affiliated actors (also known as Lazarus Group and APT38). The FBI believes the DPRK may attempt to cash out the bitcoin worth more than $40 million dollars. ”
Several of the identified bitcoin addresses are thought to be connected to the DPRK-affiliated group known as TraderTraitor, Lazarus Group and APT38. These addresses reportedly hold 1,580 BTC, a sum culled from various cyber heists. The FBI further believes these groups will soon “cash out” their holdings.
When a significant amount of BTC is sold, it can lead to notable slippage—a discrepancy between a trade’s expected and executed price, particularly if the order surpasses the available liquidity. This rapid sale can eat through layers of the order book’s buy-side, pushing the price downwards.
This also means that when the price lowers, investors panic-sell, leading to an even lower — and more permanent — price.
Historical data sheds light on the group’s alleged role in multiple cryptocurrency thefts over the past year. High-profile digital breaches at entities like Alphapo, CoinsPaid, and Atomic Wallet have resulted in the siphoning of hundreds of millions of dollars, with North Korean cyber operatives often at the center of such allegations.
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Author: Emily Tonelli
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