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

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

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

North Korean hackers stole cryptocurrency price about $400 million final 12 months in at the least seven main assaults on crypto platforms. “Only 20% of the stolen funds have been bitcoin … And for the primary time ever, ether accounted for a majority of the funds stolen at 58%,” stated blockchain information analytics agency Chainalysis.

North Korean Hackers Stole $400 Million in Crypto Last Year

Blockchain analytics platform Chainalysis printed an evaluation on North Korean hackers and their unlaundered cryptocurrency holdings Thursday. The agency described:

North Korean cybercriminals had a banner 12 months in 2021, launching at the least seven assaults on cryptocurrency platforms that extracted almost $400 million price of digital belongings final 12 months.

“These assaults focused primarily funding corporations and centralized exchanges,” the agency defined.

The hackers “made use of phishing lures, code exploits, malware, and superior social engineering” to siphon funds from firms’ scorching wallets into the addresses managed by the Democratic People’s Republic of Korea (DPRK), Chainalysis added, elaborating:

Once North Korea gained custody of the funds, they started a cautious laundering course of to cowl up and money out.

Chainalysis famous that “In 2021, North Korean hacking exercise was on the rise as soon as once more. From 2020 to 2021, the variety of North Korean-linked hacks jumped from 4 to seven, and the worth extracted from these hacks grew by 40%.”

The agency additionally detailed that bitcoin now accounts for lower than one-fourth of the cryptocurrencies stolen by North Korea, including:

In 2021, solely 20% of the stolen funds have been bitcoin, whereas 22% have been both ERC-20 tokens or altcoins. And for the primary time ever, ether accounted for a majority of the funds stolen at 58%.

“More than 65% of DPRK’s stolen funds have been laundered via mixers this 12 months, up from 42% in 2020 and 21% in 2019, suggesting that these menace actors have taken a extra cautious method with every passing 12 months,” the agency concluded.

What do you consider North Korea launching assaults on cryptocurrency exchanges and stealing $400 million price of crypto final 12 months? Let us know within the feedback part under.

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