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January 25, 2022
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North Korean Hackers Stole $400 Million in Cryptocurrency Last Year — Ether Accounts for 58% of Stolen Funds – News Bitcoin News

North Korean hackers stole cryptocurrency value about $400 million final 12 months in at the least seven main assaults on crypto platforms. “Only 20% of the stolen funds were bitcoin … And for the first time ever, ether accounted for a majority of the funds stolen at 58%,” mentioned 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 practically $400 million value of digital property final 12 months.

“These attacks targeted primarily investment firms and centralized exchanges,” the agency defined.

The hackers “made use of phishing lures, code exploits, malware, and advanced social engineering” to siphon funds from firms’ sizzling 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 activity was on the rise once again. From 2020 to 2021, the number of North Korean-linked hacks jumped from four to seven, and the value 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 were laundered through mixers this year, up from 42% in 2020 and 21% in 2019, suggesting that these threat actors have taken a more cautious approach with each passing year,” the agency concluded.

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

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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