north korean hackers managed to steal a fortune in cryptocurrencies in 2021, according to the results of a recent study.
North Korea-Based Cybercriminals 'Minted Nearly $400 Million Worth Of Digital Assets Last Year', Blockchain Firm Chainalysis said in a preview of his Crypto Crime 2022 report published on Thursday.
โThese attacks primarily targeted investment firms and centralized exchanges, and used phishing lures, code exploits, malware, and advanced social engineering to divert funds from these organizationsโ internet-connected โhotโ wallets to DPRK-controlled addresses. โ, the firm said in a preview of its 2022 Crypto Crime report.
"Once North Korea gained custody of the funds, they began a careful laundering process to cover up and withdraw money," the firm added.
North Korean hackers were linked to at least seven cyberattacks on crypto platforms last year and seized 40 percent more in value compared to 2020, according to the analysis. Ethereum accounted for 58 percent of the stolen tokens, while Bitcoin accounted for 20 percent.
The Lazarus Group, a hacker collective linked to North Korea's main intelligence agency, is suspected of carrying out many of the attacks. The group is best known for carrying out the infamous Sony Pictures hack in 2014.
In a 2019 report, the United Nations Security Council noted that North Korea has increasingly turned to cryptocurrency hacking as a means of evading sanctions that have crippled its economy. North Korea is accused of using the funds to support its nuclear and ballistic missile programs.
Chainalysis said it identified $170 million in hacked cryptocurrencies that North Korea has yet to launder. The funds allegedly derive from 49 separate hacks from 2017 to 2021.
