North Korean hackers stole $400 million in cryptocurrency in 2021

According to Chainalysis, the cyber attacks were supported by the country's government

14.01.2022 - 12:30

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What’s new? Chainalysis reported that the DPRK hackers stole about $395 million in 2021. The Lazarus cybercriminal group carried out more than 7 attacks on the investment firms and centralized stock exchanges.

Chainalysis’s report

What are the details of the cyber attacks? Chainalysis suggests that the hackers acted under the direction of North Korea's intelligence agency. The stolen cryptocurrencies consisted of 58% Ethereum, with bitcoins accounting for 20%. The remaining 22% included the ERC-20 tokens and altcoins. The report states:

“These attacks targeted primarily investment firms and centralized exchanges, and made use of phishing lures, code exploits, malware, and advanced social engineering to siphon funds out of these organizations’ internet-connected “hot” wallets into DPRK-controlled addresses.”

How does the DPRK launder cryptocurrency? The state uses multiple mixers to hide the traces of the hacked cryptocurrency and cash out, often using the DeFi platforms. Citing data from the UN Security Council, Chainalysis stated that North Korea is believed to own $170 million in stocks of untraceable cryptocurrencies.

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