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ZachXBT Flags $5-10 Billion Black Market on Tron Linked to Lazarus Group Hacks
The crypto community is reeling from a shocking revelation made by renowned investigator ZachXBT. In a recent post, he has flagged the existence of a massive black market on the Tron blockchain, valued at anywhere between $5 billion and $10 billion. The concerning aspect, however, is that this illicit network is allegedly linked to the notorious Lazarus Group hacks.
According to ZachXBT, funds stolen in recent attacks on crypto exchanges have been successfully laundered through illicit networks and small over-the-counter brokers operating on the Tron blockchain. This raises serious concerns about the security of the entire cryptocurrency ecosystem.
It appears that hackers affiliated with the Lazarus Group, known for their involvement in high-profile North Korean-backed cyber attacks, have found a haven to wash their dirty money. The sheer scale of this illegal activity is alarming, and it is imperative that authorities take immediate action to address these concerns.
ZachXBT’s findings also cast a shadow on protocol teams that continue to generate revenue while turning a blind eye to illicit activities. He emphasized that over 50% of some protocols’ usage stems from stolen funds. This staggering statistic highlights the need for greater transparency and accountability within the crypto industry.
The investigator has drawn attention to an unsettling phenomenon in which malicious actors can operate with relative impunity, fueled by minimal accountability and public apathy. The consequences of such a “crime supercycle” could be severe, as it may hinder widespread adoption and erode trust in the system.
Lazarus Group’s latest tactics have also raised concerns. A recent report by cybersecurity firm Sekoia suggests that the group has adapted its strategies to target non-technical professionals, often impersonating prominent crypto firms like Coinbase and Tether. Victims are tricked into running PowerShell commands to “fix” fake webcam issues during interviews, unknowingly installing malware.
As the cryptocurrency landscape continues to evolve, it becomes increasingly critical for law enforcement agencies and industry stakeholders to work together to combat these nefarious actors. With estimates suggesting that the Tron-based black market is worth anywhere between $5 billion and $10 billion, the need for swift action has never been more pressing.
In conclusion, ZachXBT’s revelation highlights the urgency of tackling this critical issue. It is essential that the crypto community comes together to address the elephant in the room – a colossal black market on Tron linked to notorious cybercriminals like Lazarus Group.
Source: cryptopotato.com
