Last year, hackers in North Korea stole $400 million in cryptocurrency, with Ether accounts for 58 percent of the funds stolen.
In at least seven significant attacks on crypto sites last year, North Korean hackers stole cryptocurrency valued around $400 million. "Bitcoin accounted for only 20% of the stolen funds and, for the first time ever, ether accounted for the majority of the funds taken, accounting for 58 percent," according to Chainalysis, a blockchain data analytics firm.
Last year, North Korean hackers stole $400 million in cryptocurrency.
On Thursday, Chainalysis, a blockchain analytics company, presented an investigation on North Korean hackers and their unlaundered cryptocurrency holdings. The firm described itself as follows:
In 2021, North Korean cybercriminals had a golden year, committing at least seven attacks on cryptocurrency platforms, stealing approximately $400 million in digital assets.
"Investment businesses and centralised exchanges were the primary targets of these attacks," the firm claimed.
To syphon funds from organisations' hot wallets into addresses controlled by the Democratic People's Republic of Korea, the hackers "used phishing lures, code exploits, malware, and clever social engineering" (DPRK), Chainalysis was added, elaborating:
When North Korea took possession of the funds, they initiated a meticulous laundering operation to conceal and cash them out.
"North Korean hacker activities was on the upswing once again in 2021," according to Chainalysis. From 2020 to 2021, the number of hacks linked to North Korea increased from four to seven, with the value taken from these attacks increasing by 40%."
Bitcoin now accounts for less than a quarter of the cryptocurrency taken by North Korea, according to the firm, which also stated:
Only 20% of the stolen cash in 2021 were bitcoin, with the remaining 22% being ERC-20 tokens or altcoins. Ether accounted for the majority of the monies taken for the first time, accounting for 58 percent of the total.
"This year, more than 65 percent of stolen monies from the DPRK were laundered through mixers, up from 42 percent in 2020 and 21 percent in 2019, indicating that these threat actors are becoming more careful with each passing year," the business said.
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