North Korean Hackers Stole $400 Million in Cryptocurrency Last Year — Ether Accounts for 58% of Stolen Funds

North Korean hackers stole cryptocurrency price about $400 million remaining yr in no less than seven primary assaults on crypto platforms. “Handiest 20% of the stolen finances had been bitcoin … And for the primary time ever, ether accounted for a majority of the finances stolen at 58%,” stated blockchain knowledge analytics company Chainalysis.

North Korean Hackers Stole $400 Million in Crypto Final 12 months

Blockchain analytics platform Chainalysis revealed an research on North Korean hackers and their unlaundered cryptocurrency holdings Thursday. The company described:

North Korean cybercriminals had a banner yr in 2021, launching no less than seven assaults on cryptocurrency platforms that extracted just about $400 million price of virtual property remaining yr.

“Those assaults focused basically funding corporations and centralized exchanges,” the company defined.

The hackers “made use of phishing lures, code exploits, malware, and complicated social engineering” to siphon finances from corporations’ scorching wallets into the addresses managed by means of the Democratic Other people’s Republic of Korea (DPRK), Chainalysis added, elaborating:

As soon as North Korea received custody of the finances, they started a cautious laundering procedure to hide up and money out.

Chainalysis famous that “In 2021, North Korean hacking task was once on the upward thrust as soon as once more. From 2020 to 2021, the choice of North Korean-linked hacks jumped from 4 to seven, and the worth extracted from those hacks grew by means of 40%.”

The company additionally detailed that bitcoin now accounts for not up to one-fourth of the cryptocurrencies stolen by means of North Korea, including:

In 2021, handiest 20% of the stolen finances had been bitcoin, while 22% had been both ERC-20 tokens or altcoins. And for the primary time ever, ether accounted for a majority of the finances stolen at 58%.

“Greater than 65% of DPRK’s stolen finances had been laundered thru mixers this yr, up from 42% in 2020 and 21% in 2019, suggesting that those danger actors have taken a extra wary manner with every passing yr,” the company concluded.

What do you take into accounts North Korea launching assaults on cryptocurrency exchanges and stealing $400 million price of crypto remaining yr? Tell us within the feedback phase beneath.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source programs, community results and the intersection between economics and cryptography.

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