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- Lazarus Group sold 40.78 WBTC for $3.51M making a $2.51M profit after holding for two years.
- A crypto whale withdrew 2,774 ETH from Binance but faces a $13M loss due to Ethereum’s price drop.
- Ethereum’s fee revenue fell from $142M in January to $21M in March raising concerns about long-term value.
The Lazarus Group, a North Korean-linked hacking entity, has executed a major cryptocurrency transaction. On April 3, 2025, the group sold 40.78 Wrapped Bitcoin (WBTC) for $3.51 million, securing a $2.51 million profit after holding the asset for two years.
Strategic WBTC Acquisition and Sell-off
The group purchased WBTC worth 999,900 USDT at an average price of $24,521 in February 2023. The extended holding period enabled the group to generate substantial profits from the asset. The group exchanged their assets for 1,857 Ethereum tokens at an average price of $86,170.
Following the sale, the obtained ETH was distributed across three separate wallets. This tactic aligns with previous money-laundering strategies linked to the Lazarus Group. The entity remains known for cyber intrusions and financial manipulation through digital assets.
Whale Activity Signals Market Uncertainty
In a related development, a single cryptocurrency whale transferred $5.27 million worth of 2,774 ETH from Binance. The recent withdrawal adds to the list of recent big withdrawals during recent months.
The whale has transferred out 16,415 ETH from Binance since February 11, 2024. The Ethereum price decline led to the cryptocurrency whale losing more than $13 million. The whale’s average purchase price of ETH stands at $2,676, meaning their current holdings are below the acquisition threshold.
This pattern reflects the volatility of the crypto market. Large traders often face significant risks when market conditions shift rapidly.
Ethereum’s Market Struggles Persist
Ethereum-based decentralized exchanges handled $64 billion in spot trading volume in March. This figure surpassed Solana’s $52 billion and Binance Smart Chain’s $44 billion. However, overall market activity has declined despite these milestones. DEX trading volume dropped from $86 billion in January to $85 billion in March, while total value locked fell from $67 billion to $49 billion.
Ethereum’s fee revenue also plummeted. January transaction fees on the network reached $142 million yet dropped to $21 million during March. The network’s burn rate registered its most significant drop since August 2021. According to Ultrasound Money data only 53 ETH was burned per day throughout last week. The total supply of Ethereum increased 3% since the EIP-1559 update which raises questions about its future monetary value.
Ethereum’s price declined by 45% in Q1 2025, according to CoinGlass data. This downturn resulted in a $170 billion loss in market capitalization, making it Ethereum’s third-worst quarter since 2016.
Ethereum exchange-traded funds suffered $403 million in fund outflows from institutional investors during March. Standard Chartered analysts adjusted their year-end ETH price prediction from $10,000 to $4,000 because layer-2 solutions had entered the market with reduced transaction fees.