Lazarus Group Suspected in Solana Meme Coin Scams for Money Laundering After Bybit Hack

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Cryptocurrency Memecoin Solana

In the wake of the recent Bybit hack, there is growing suspicion that the notorious Lazarus Group may be behind a series of rug-pull scams involving meme coins on the Solana network.

This development has raised significant concerns about the security of blockchain networks and the activities of organized hacker groups.

Lazarus Group Suspected in Solana Meme Coin Scams for Money Laundering

According to a report by Coin Telegraph, the well-known on-chain researcher and influencer ZachXBT has identified that hackers, believed to be associated with the Lazarus Group, transferred approximately $1.08 million in stolen assets to a specific address following the Bybit hack on February 21st. These assets were subsequently moved to the Solana network.

ZachXBT’s investigation revealed that the assets were distributed across various wallets on Solana. Notably, some of these wallets have a history of involvement in suspicious projects and meme coin scams. ZachXBT has identified over 920 addresses linked to the Bybit hack, with several of them previously implicated in the launch of fraudulent meme coins.

Lazarus Group’s History of Cybercrime

Further compounding the situation, it appears that wallets associated with the Lazarus Group were also involved in the $29 million hack of the Phemex exchange in January 2024. This has heightened concerns about the security of blockchain networks and the activities of sophisticated hacker groups.

Impact on Solana and the Broader Crypto Community

The Solana network, which had garnered attention in recent months due to the proliferation of meme coins, has faced significant criticism as a result of these events. One of the most damaging blows to investor confidence occurred when the Libra token fell victim to a rug-pull scam. This token had even received support from the President of Argentina. In this incident, over $107 million in liquidity was drained by insiders, causing the token’s price to plummet by 94% within hours and erasing nearly $4 billion from the market cap.

The Broader Implications for Solana

The negative fallout from these incidents is clearly reflected in on-chain data. According to Glassnode statistics, Solana’s capital inflows have decreased by 5.9% in recent months. The number of active network addresses has also fallen from 15.6 million in November 2024 to 9.5 million in February 2025, indicating a roughly 40% drop in user activity.

Expert Opinions and Future Outlook

Despite these challenges, some experts believe that Solana could emerge stronger in the long run. Analyst Aylo noted in a post that while the recent events have damaged the network’s credibility, they may ultimately lead to stricter regulations and enhanced security measures. If this happens, investor trust could be restored.

In conclusion, the alleged involvement of the Lazarus Group in the Solana meme coin scams has underscored the vulnerabilities within the cryptocurrency ecosystem. As the situation unfolds, it will be crucial for stakeholders to address these issues to ensure the long-term viability and security of blockchain networks.

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