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Report Says North Korean Hackers Stole Cryptocurrency Fortune In 2021

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Report Says North Korean Hackers Stole Cryptocurrency Fortune In 2021

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North Korean hackers managed to steal a fortune in cryptocurrency in 2021, according to the results of a recent study.

North Korea-based cybercriminals “mined nearly $ 400 million in digital assets last year,” blockchain company Chainalysis said in a preview of its 2022 Crypto Crime report released on Thursday.

“These attacks primarily targeted investment firms and centralized exchanges, and used phishing lures, code exploits, malware, and advanced social engineering to siphon funds from these organizations’ ‘hot’ internet-connected wallets. to addresses controlled by the DPRK, “he added. the company said in a snapshot of its 2022 Crypto Crime report.

“Once North Korea obtained custody of the funds, it began a thorough laundering process to cover and collect,” the company added.

North Korean hackers have been linked to at least seven cyberattacks on crypto platforms last year and seized 40% more in value than in 2020, according to the analysis. Ethereum accounted for 58% of stolen tokens, while bitcoin accounted for 20%.

Lazarus Group, a hacker collective linked to North Korea’s main intelligence agency, is suspected of carrying out numerous attacks. The group is best known for carrying out the infamous Sony Pictures hack in 2014.

North Korean hackers managed to take around $ 400 million in cryptocurrency last year.
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In a 2019 report, the United Nations Security Council noted that North Korea has increasingly turned to cryptocurrency hacking as a way to escape the sanctions that have crippled its economy. North Korea is accused of using the funds to support its nuclear and ballistic missile programs.

Chainalysis said it identified $ 170 million in hacked cryptocurrency that North Korea has yet to launder. The funds allegedly came from 49 separate hacks from 2017 to 2021.

Report Says North Korean Hackers Stole Cryptocurrency Fortune In 2021

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