North Korean Hackers scarf $400 Million in Cryptocurrency Last Year — Ether Accounts for 58% of taken Funds
Jan 15, 2022 12:03 UTC
Jan 15, 2022 at 12:06 UTC
North Korean hackers scarfed cryptocurrency prices of $400 million last year in a minimum of seven major attacks on crypto platforms. “Only 20% of the funds taken were bitcoin … And for the primary time ever, ether accounted for a majority of the funds taken at 58%,” same blockchain knowledge analytics firm Chainalysis.
North Korean Hackers scarf $400 Million in Crypto Last Year
Blockchain associate analytics platform Chainalysis printed an analysis on North Korean hackers and their unlaundered cryptocurrency holdings Thursday. The firm described:
“North Korean cybercriminals had a banner year in 2021, launching a minimum of seven attacks on cryptocurrency platforms that extracted nearly $400 million worth of digital assets last year.”
“These attacks targeted primarily investment companies and centralized exchanges,” the firm explained.
The hackers “made use of phishing lures, code exploits, malware, and advanced social engineering” to siphon funds from companies’ hot wallets into the addresses controlled by the Democratic People’s Republic of Choson (DPRK), Chainalysis supplemental, elaborating:
Once Asian nations gained custody of the funds, they began a careful washing method to hide up and live.
Chainalysis noted that “In 2021, North Korean hacking activity was on the increase once more. From 2020 to 2021, the amount of North Korean-linked hacks jumped from four to seven, and therefore the worth extracted from these hacks grew by 40%.”
The firm conjointly careful that bitcoin currently accounts for fewer than common fraction of the cryptocurrencies taken by North Korea adding:
In 2021, solely 20% of the funds taken were bitcoin, whereas twenty second were either ERC-20 tokens or altcoins. And for the primary time ever, ether accounted for a majority of the funds taken at 58%.
“More than 65% of DPRK’s taken funds were laundered through mixers this year, up from 42% in 2020 and 21% in 2019, suggesting that these threat actors have taken a lot of cautious approach with every passing year,” the firm said.