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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 price about $400 million final yr 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 yr in 2021, launching no less than seven assaults on cryptocurrency platforms that extracted practically $400 million price of digital belongings final yr.

“These assaults focused primarily funding companies and centralized exchanges,” the agency defined.

The hackers “made use of phishing lures, code exploits, malware, and superior social engineering” to siphon funds from firms’ sizzling wallets into the addresses managed by the Democratic Folks’s Republic of Korea (DPRK), Chainalysis added, elaborating:

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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%.”

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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%.

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“Greater than 65% of DPRK’s stolen funds have been laundered by way of mixers this yr, up from 42% in 2020 and 21% in 2019, suggesting that these risk actors have taken a extra cautious method with every passing yr,” the agency concluded.

What do you consider North Korea launching assaults on cryptocurrency exchanges and stealing $400 million price of crypto final yr? Tell us within the feedback part under.

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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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