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BitMEX has revealed significant security vulnerabilities within North Korea’s Lazarus Group, a state-sponsored hacking collective known for orchestrating a series of high-profile cryptocurrency thefts. The findings come in the wake of a recent investigative initiative by BitMEX’s security team.
In their analysis, researchers from BitMEX discovered critical errors that revealed aspects of the Lazarus Group’s operational framework. This included exposed IP addresses, an unsecured database, and tracking algorithms utilized by the cybercriminals in their activities.
IP Leak Identifies Hacker in China
A noteworthy incident indicated that one of the hackers inadvertently disclosed his actual IP address, tracing back to Jiaxing, China. This oversight is particularly uncommon for such a clandestine organization.
Additionally, researchers accessed a Supabase database instance linked to the hacking group. The use of Supabase, a platform designed to facilitate database management, highlights the Lazarus Group’s adaptation of more sophisticated operational resources.
BitMEX’s report reveals an emerging fragmentation within the group’s internal operations. There is an observable gap between amateur social engineering units—tasked with deceiving users into downloading malicious software—and seasoned developers who create advanced exploits. This division suggests that the Lazarus Group has splintered into various factions with differing skill levels, with some members employing basic social engineering tactics and others conducting intricate technical attacks aimed at blockchain technologies.
North Korea is reportedly using cryptocurrency gained from cyber thefts to fund its weapons program. According to a U.N. report, hackers took more than $50 million from at least three cryptocurrency exchanges between 2020 and mid-2021. pic.twitter.com/edPXkjsaV3
— Reuters (@Reuters) February 8, 2022
These revelations occur against the backdrop of increased cyber activity linked to North Korea, with global law enforcement agencies actively monitoring the group’s operations. In September 2024, the FBI issued warnings regarding phishing scams that exploited fake job offers to target cryptocurrency users. This alert was later supported by officials from Japan, South Korea, and the U.S., who recognized Lazarus as a threat to financial stability.
The international community is now paying closer attention, with a Bloomberg report indicating that leaders may discuss the Lazarus threat during the forthcoming G7 Summit. Strategies to address and reduce the impact of the group’s activities are likely to be a focal point of the meeting.
G7 to Focus on North Korea’s Cyber Theft Issues
At the next G7 Summit set to take place in Canada, leaders are anticipated to focus on North Korea’s rising cyberattacks and cryptocurrency theft incidents. Alongside ongoing global conflicts, the cyber operations of Pyongyang are gaining attention due to their significance in financing the North Korean weapons program.
The Lazarus Group, notorious for its illicit activities, has been linked to several high-profile cryptocurrency heists, including a historic $1.4 billion theft from the exchange Bybit in February. Recent analyses by Chainalysis suggest that hackers associated with North Korea have been responsible for over $1.3 billion worth of thefts across 47 distinct incidents in 2024 alone.
Moreover, the North Korean regime is known to deploy rogue IT professionals to infiltrate crypto companies internally, a tactic highlighted in a joint warning from the U.S., Japan, and South Korea. As the techniques employed by North Korean cyber operatives become more sophisticated, there are reports that Lazarus-linked individuals established U.S.-based shell companies to spread malware targeting cryptocurrency developers. Recently, Kraken successfully prevented an infiltration attempt from an individual believed to be connected to North Korea, posing as a job applicant.
BREAKING: KRAKEN CAUGHT A NORTH KOREAN HACKER TRYING TO STEAL IT’S #BITCOIN
THIS IS WILD!! pic.twitter.com/togb4KyBNJ
— The Bitcoin Historian (@pete_rizzo_) May 1, 2025
The findings from BitMEX shine a light on important operational vulnerabilities within the Lazarus Group and signal potential pathways for disrupting their activities.
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