The value of crypto stolen by North Korean hackers in 2021 was reportedly 40% higher than 2020 North Korean hackers stole US$400mln worth of cryptoc
The value of crypto stolen by North Korean hackers in 2021 was reportedly 40% higher than 2020
North Korean hackers stole US$400mln worth of cryptocurrency and digital assets last year according to research conducted by blockchain analysis firm, Chainalysis.
The attacks largely focussed on investment firms and centralised exchanges, with the state denying any involvement in the cybercrime.
According to Chainalysis, the number of incidents rose from four to seven compared to 2020, with the value of crypto stolen increasing nearly 40%.
The company also said hackers used tactics such as phishing emails, code exploits and deploying malware to target hot wallets, which are linked directly to the net and cryptocurrency network.
Lazarus Group is believed to be behind the attacks and is also reportedly controlled by North Korea’s intelligence agency, Reconnaissance General Bureau.
The group was accused of masterminding the “WannaCry” ransomware attacks in 2014, where international banks, customer accounts and Sony Pictures were victims.
According to the United Nations, the North Korean government has used stolen cryptocurrency to fund its nuclear and ballistic missile programmes.
North Korean hackers have been caught out in attempts to hack US companies. Last February, the US charged three North Korean hackers for trying to steal US$1.3bn worth of cash and cryptocurrency from US banks, Hollywood movie studios among others.
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