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 methods, community results and the intersection between economics and cryptography.
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North Korean hackers stole cryptocurrency value about $400 million final 12 months in no less than seven main assaults on crypto platforms. “Solely 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%,” mentioned blockchain knowledge analytics agency Chainalysis.
North Korean Hackers Stole $400 Million in Crypto Final Yr
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 no less than seven assaults on cryptocurrency platforms that extracted practically $400 million value 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 corporations’ scorching wallets into the addresses managed by the Democratic Individuals’s Republic of Korea (DPRK), Chainalysis added, elaborating:
As soon as 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%.
“Greater than 65% of DPRK’s stolen funds have been laundered by 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.
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