It has been more than 50 days since the WazirX exchange hack in India, which resulted in the theft of over Rs 2000 crores of user funds. Experts believe that the cyber attack bore the hallmarks of the notorious “Lazarus Group,” a state-sponsored cybercrime organization from North Korea with a history of similar hacks.

Despite the seriousness of the hack, local enforcement agencies and crypto experts have been unable to make significant progress in the case. Complicating matters is the fact that North Korea operates as a closed-off nation, making it challenging for Indian authorities to pursue leads in the investigation. Meanwhile, the hackers responsible for the WazirX breach have been laundering the stolen funds through a tool known as Tornado cash mixer.

In an effort to shed light on the sequence of events following the WazirX hack, this report examines potential suspects associated with the Lazarus Group, some of whom are among the FBI’s most wanted individuals.

The Lazarus Group, also known by various aliases such as ‘Guardians of Peace’ and ‘Hidden Cobra,’ is linked to the Reconnaissance General Bureau (RGB) of North Korea, which is comparable to the CIA or KGB of other nations. The group first gained notoriety after hacking Sony Pictures in 2014, leaking unreleased movies and other confidential data. In recent years, the Lazarus Group has shifted its focus to cryptocurrency exchanges, targeting them with elaborate cyber attacks.

Analysts and researchers have pointed to similarities between the WazirX hack and previous operations by the Lazarus Group, citing techniques such as phishing, multi-signature manipulations, and the use of Tornado cash for money laundering. These findings suggest a high level of coordination and sophistication, characteristic of the Lazarus Group’s tactics.

Key figures suspected of involvement in the WazirX hack include Kim Il, Jon Chang Hyok, and Park Jin Hyok, all of whom are believed to be affiliated with the Lazarus Group. These individuals have been linked to previous cyber attacks and are wanted by law enforcement agencies for their roles in large-scale hacking operations.

As investigations into the WazirX hack continue, the exchange’s users are facing uncertainty about the security and ownership of their funds. With the exchange’s parent company, Zettai, and Binance both distancing themselves from responsibility, users are left with few options for recovering their losses. Zettai has sought legal protection in Singapore to address the situation, but users may still face significant losses as a result of the hack.

Amidst these developments, the hope remains that investigative agencies can gather enough evidence to hold the Lazarus Group accountable for the WazirX hack. The ongoing search for justice and restitution for affected users underscores the challenges and complexities of investigating cybercrime in the digital age.

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