North Korean hackers stole $400 million worth of cryptocurrency in a year

In 2021, North Korean hackers stole about $400 million as a result of attacks on cryptocurrency platforms, informs Chainalysis project, which publishes data on the development of blockchain technologies.

According to project experts, from 2020 to 2021, the number of North Korean-related cyberattacks on cryptocurrency platforms increased from four to seven, and proceeds from crime increased by 40%. Having gained access to cryptocurrencies, North Korean hackers began to launder the stolen funds and transfer them into traditional assets.

For attacks, hackers used phishing, software vulnerabilities, malicious software and social engineering. It is alleged that hackers from the Lazarus Group (APT 38, Guardians of the World, Whois Team) associated with the DPRK Main Intelligence Directorate are involved in a number of attacks. According to the UN Security Council, funds stolen by hackers are spent on the creation of nuclear weapons and ballistic missiles.

In 2021, only 20% of stolen funds were in bitcoin, while the largest share (58%) was ethereum.

According to Chainalysis, it was also possible to identify about $170 million in cryptocurrency stolen by North Korean hackers as a result of 49 attacks carried out between 2017 and 2021. It is not yet known why these funds were not cashed out.

In 2016, hackers from the Lazarus Group hacked into the security system of the Central Bank of Bangladesh and tried to steal $ 1 billion. Since North Korea is not connected to the Internet, so that its citizens do not see how the rest of the world differs from what North Korean propaganda paints, it is necessary to train hackers abroad, especially in China, informed BBC Russian service with reference to the former head of the Korean branch of the FBI Kyung Chin Kim.