According to new research from blockchain intelligence firm Chain lysis, North Korea launched at least seven attacks against cryptocurrency platforms last year, extracting about $400 million in digital assets, making it one of its most successful years on record.
The number of North Korean-linked hacks increased from four to seven between 2020 and 2021, with the value taken from these hacks increasing by 40%,” according to the report, which was issued on Thursday.
"Once North Korea had control of the funds, they launched a meticulous laundering operation to conceal and payout," according to the investigation.
Pyongyang is accused of using stolen funds to boost its nuclear and ballistic missile programmers, according to a UN panel of experts monitoring sanctions on North Korea. North Korea has previously issued statements disputing charges of hacking but has not responded to media inquiries.
Last year, the US charged three North Korean computer programmers working for the country’s intelligence service with a multi-year hacking spree aimed at stealing more than $1.3 billion in cash and cryptocurrency from businesses ranging from banks to movie studios.
To siphon monies out of these businesses’ internet-connected ‘hot’ wallets and into North Korean-controlled addresses, the attackers utilized phishing lures, code exploits, malware, and clever social engineering.
According to new research from blockchain intelligence firm Chain lysis, North Korea launched at least seven attacks against cryptocurrency platforms last year, extracting about $400 million in digital assets, making it one of its most successful years on record.
“From 2020 to 2021, the number of North Korean-linked hacks increased by 40%, with the value recovered from these hacks increasing by four,” according to the report, which was released on Thursday.
“Once North Korea had control of the funds, they launched a meticulous laundering operation to conceal and payout,” according to the investigation. A group of specialists from the United Nations keeps track of what’s going on in the world.
Pyongyang is accused of using stolen funds to boost its nuclear and ballistic missile programmers, according to a UN panel of experts monitoring sanctions on North Korea.
Last year, the US charged three North Korean computer programmers working for the country’s intelligence service with a multi-year hacking spree aimed at stealing more than $1.3 billion in cash and cryptocurrency from businesses ranging from banks to movie studios.
The victims of the attacks were largely financial businesses and centralized exchanges, according to Chain lysis, which included Liquid.com, which disclosed in August that an unauthorized user had acquired access to several of its cryptocurrency wallets.
North Korea also looked to increase its efforts to launder stolen cryptocurrency, according to Chainalysis, by considerably expanding its usage of mixers, which are software tools that pool and scramble money from hundreds of addresses.
According to the article, analysts discovered $170 million in old, unwashed cryptocurrency assets from 49 separate attacks between 2017 and 2021.
According to the report, it’s unknown why the hackers are still holding on to the assets, but they could be expecting to outsmart law enforcement before cashing out.
“Whatever the reason, the length of time that (North Korea) is ready to hang on to these assets is illuminating,” Chain lysis said, “since it reflects a thoughtful plan, not a desperate and hasty one.”
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