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INTEL
PIG BUTCHERING: now the #1 loss category in the US by estimated volume / HUSHPUPPI: the Instagram that became the evidence -- Case 001 open / BEC: one spoofed email, one wire, seven figures -- see the methodology / ROSS ULBRICHT: full pardon January 21 2025 after 11+ years -- Case 013 open / ALL FIGURES LABELED: estimate vs conviction vs market collapse -- see Methodology / UNODC 2023: $5.4B estimated annually from SE Asia pig-butchering compounds [UNVERIFIED] / PIG BUTCHERING: now the #1 loss category in the US by estimated volume / HUSHPUPPI: the Instagram that became the evidence -- Case 001 open / BEC: one spoofed email, one wire, seven figures -- see the methodology / ROSS ULBRICHT: full pardon January 21 2025 after 11+ years -- Case 013 open / ALL FIGURES LABELED: estimate vs conviction vs market collapse -- see Methodology / UNODC 2023: $5.4B estimated annually from SE Asia pig-butchering compounds [UNVERIFIED]
COMPANY · GROUP/MALWARE

Lazarus Group

🇰🇵 Pyongyang, North Korea (fronts in Dalian and Shenyang, China) · FOUNDED 2009
THE FIGURE
~$6.75B
Crypto stolen by North Korean units to the end of 2025 per Chainalysis ($2.02B in 2025 alone, including $1.5B from Bybit), plus $81M from Bangladesh Bank; attributed by the FBI and UN.
WHAT IT SAID IT WAS

Not a company: the name security researchers gave in 2016 to hacking units the US, UN and others say work for North Korea's Reconnaissance General Bureau (with sub-units BlueNoroff/APT38, Andariel, TraderTraitor).

WHAT IT REALLY WAS

A state-run theft programme: the 2014 Sony wipe, the $81M Bangladesh Bank SWIFT heist, WannaCry, and about $6.75B of crypto stolen from exchanges, bridges and wallets by end-2025, laundered to fund North Korea's weapons programmes. North Korea denies it.

THE STORY

Novetta's Operation Blockbuster report named the 'Lazarus Group' in February 2016 for the units behind the 2014 Sony Pictures attack; days earlier they had moved $81 million out of Bangladesh Bank's account at the New York Fed. The US named its first North Korean hacker, Park Jin Hyok, in September 2018 and sanctioned the group and its sub-units in 2019; a 2021 indictment added Jon Chang Hyok and Kim Il and a $1.3 billion campaign of bank and exchange thefts. Crypto became the main line: Ronin in 2022 ($625 million) and Bybit in February 2025 ($1.5 billion, the largest heist on record) pushed the running total to about $6.75 billion by the end of 2025. Rim Jong Hyok was charged in 2024 for hospital ransomware that funded espionage. None of the accused has been arrested.

WHO RAN IT
Lazarus Group ▸
the group itself · open the case file
Park Jin Hyok ▸
programmer at front company Chosun Expo; charged over Sony, Bangladesh Bank and WannaCry · open the case file
Kim Il ▸
RGB officer charged with the $1.3B financial campaign and the Marine Chain token · open the case file
Rim Jong Hyok ▸
Andariel member charged with hospital ransomware · open the case file
Jon Chang Hyok
RGB officer, co-defendant in the 2021 Los Angeles indictment — charged February 2021; at large
WHO WAS HURT
Sony Pictures (2014)Bangladesh Bank ($81M, 2016)WannaCry victims (2017)Ronin Network ($625M, 2022)Bybit ($1.5B, 2025)US hospitals (Andariel ransomware)
HOW IT ENDED
Founded
2009
Based
Pyongyang, North Korea (fronts in Dalian and Shenyang, China)
How
still operating — sanctioned, indicted in absentia, never caught

OFAC sanctioned Lazarus Group, Bluenoroff and Andariel on 13 September 2019 and its front Chosun Expo on 6 September 2018. US complaints and indictments name Park Jin Hyok (2018), Jon Chang Hyok, Kim Il (2021) and Rim Jong Hyok (2024); rewards up to $10M. Marine Chain, a 2017–18 token offering marketed in Singapore, was part of the 2021 indictment. No member has been arrested.

SOURCES
home.treasury.gov/news/press-releases/sm473thehackernews.com/2025/12/north-korea-linked-hackers-steal-202.htmljustice.gov/usao-cdca/pr/3-north-korean-military-hackers-indicted-wide
Facts as published in court records, regulator releases and the sources above. Anyone charged and not convicted is alleged only.
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