• bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds
  • INVESTMENTS
    • Crypto General
    • Masternodes
    • Mining Projects
    • NFTS Investments
    • Invest In ICO
    • Exchanges
    • Staking Yeild Farming
  • WORLD
  • USA
  • CANADA
  • JAPAN
  • UK
  • UAE
  • INDIA
  • MORE
    • BRAZIL
    • AUSTRALIA
    • EL SALVADOR
    • CENTRAL AMERCIA
    • SOUTH AMERICA
    • AFRICA
    • EUROPE
    • ASIA
    • OCEANIA
    • ICO
  • Login
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE
HealthNews
No Result
View All Result
Home AUSTRALIA

Report Shows North Korean Hackers Stole Nearly $400 Million In Crypto In 2021

CB4U by CB4U
January 15, 2022
in AUSTRALIA
0
Report Shows North Korean Hackers Stole Nearly $400 Million In Crypto In 2021
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

North Korean hackers launched at least seven attacks against cryptocurrency platforms last year, netting almost US$400 million worth of digital assets, according to a Chainalysis report.

“Once North Korea gained custody of the funds, they began a careful laundering process to cover up and cash out,” the blockchain analytics firm’s team claims in its blog post.

Ethereum Looms Large Among Stolen Funds

The overwhelming majority (58 percent) of stolen funds was Ethereum, with Bitcoin accounting for less than a quarter of the 2021 haul. Incidentally, a prominent Ethereum developer pleaded guilty last September to a federal charge of conspiring with the North Korean government to evade US sanctions law.

According to Chainalysis, the typical hack procedure starts by swapping Ethereum-based ERC-20 tokens and other cryptocurrencies for Ethereum (ETH) via a decentralised exchange. The ETH is then put through a so-called mixer, which Chainalysis describes as “software tools that pool and scramble cryptocurrencies from thousands of addresses”. Those funds are then swapped for bitcoin, mixed a second time, and consolidated into a new wallet.

Crypto Laundering Up More Than 40% in Two Years

The mixed bitcoin is then sent to deposit addresses where crypto can be converted into a fiat currency, typically at exchanges elsewhere on the Asian continent. Over 65 percent of the North Korean rogue regime’s stolen funds were laundered through mixers in 2021. In 2020 and 2019, the respective numbers were 42 percent and 21 percent.

Hacks by total value linked to North Korea, 2017-2021. Source: Chainalysis

The Chainalysis report, released on January 13, blames the crypto heists on a state-sponsored, North Korea-based hacking group called Lazarus, best known for masterminding the 2014 Sony Pictures hack and the WannaCry ransomware attack of 2017.

Since the latter incident, the group has stolen hundreds of millions in cryptocurrencies from virtual exchanges and investment firms. The UN claims Lazarus’ goal is to fund North Korea’s government and nuclear weapons programs.

From 2020 to 2021, the number of North Korean-linked hacks jumped from four to seven, and the value extracted from these hacks grew by 40 percent.

Chainalysis report

$170 Million Stolen in 49 Hacks Yet to Be Laundered

One of the hacks involved crypto exchange Liquid.com, which lost US$91.5 million to the group. By tracking the Lazarus attacks, Chainalysis claims to have uncovered several cryptocurrency wallets the North Korean hackers are using to stockpile a fortune.

“Chainalysis has identified US$170 million in current balances – representing the stolen funds of 49 separate hacks from 2017 to 2021 – that are controlled by North Korea but have yet to be laundered through services,” the Chainalysis report noted, adding:

It’s unclear why the hackers would still be sitting on these funds, but it could be that they are hoping law enforcement interest in the cases will die down so they can cash out without being watched.

Chainalysis report

In February last year, the US Department of Justice charged three hackers associated with the Lazarus group with theft and extortion of cryptocurrencies between 2017 and 2020.

Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.

Advertisement Banner
Previous Post

Litecoin (LTC) Price Charged Up Towards $160, Bulls Needs To Validate Above 100 SMA

Next Post

3 ways blockchain technology could further mainstream in 2022

CB4U

CB4U

Next Post
3 ways blockchain technology could further mainstream in 2022

3 ways blockchain technology could further mainstream in 2022

Discussion about this post

RECOMMENDED

Purfect Network – Crypto Daily™

Purfect Network – Crypto Daily™

11 months ago
Bitcoin climbs as Fed confirms “inflation is much too high”

Bitcoin climbs as Fed confirms “inflation is much too high”

9 months ago

DON'T MISS

Bitcoin Supply In Loss Hits A 9-Month Low

Bitcoin Supply In Loss Hits A 9-Month Low

January 27, 2023
Argo Blockchain hit with class action lawsuit over IPO misinformation

Argo Blockchain hit with class action lawsuit over IPO misinformation

January 27, 2023
Only 15% of UK Crypto Firms Have Been Issued Licenses

Only 15% of UK Crypto Firms Have Been Issued Licenses

January 27, 2023
eCash Bulls In Position, Signalling Fresh XEC Price Increase – Is It Time To Buy?

eCash Bulls In Position, Signalling Fresh XEC Price Increase – Is It Time To Buy?

January 27, 2023
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds

The Cryptocurrency Bazaar 4U was founded in 2020 for providing the most trusted information for the Crypto enthusiasts covering a broad range of news about blockchain technology, cryptocurrency assets, emerging fintech trends in the decentralized space, and other related wide array of information surrounding this emerging technology.Our team provides the most up-to-date and accurate news from different sources in this space comprising of unbiased news, in-depth analytics, detailed cryptocurrency price charts, and insightful opinion pieces is the basis of our editorial content.

POPULAR POSTS

Bitcoin Supply In Loss Hits A 9-Month Low

Bitcoin Supply In Loss Hits A 9-Month Low

January 27, 2023
Argo Blockchain hit with class action lawsuit over IPO misinformation

Argo Blockchain hit with class action lawsuit over IPO misinformation

January 27, 2023
Only 15% of UK Crypto Firms Have Been Issued Licenses

Only 15% of UK Crypto Firms Have Been Issued Licenses

January 27, 2023

Categories

  • AFRICA
  • ALTCOIN
  • ASIA
  • AUSTRALIA
  • BITCOIN
  • BLOCKCHAIN
  • BRAZIL
  • CANADA
  • CENTRAL AMERCIA
  • CRYPTO GENERAL
  • EL SALVADOR
  • ETHEREUM
  • EUROPE
  • EXCHANGES
  • ICO
  • INDIA
  • INVERST IN ICO
  • INVESTMENTS
  • JAPAN
  • MASTERNODES
  • MINING
  • MINING PROJECTS
  • NFTS
  • NFTS INVESTMENTS
  • OCEANIA
  • SINGAPORE
  • SOUTH AMERICA
  • STAKING & YEILD FARMING
  • UAE
  • UK
  • Uncategorized
  • USA
  • VIDEOS
  • WORLD
  • CONTACT US
  • DISCLAIMER
  • PRIVACY POLICY
  • ABOUT US
  • CLASSIFIED
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

No Result
View All Result
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
en English
en Englishja Japaneseko Koreantl Filipinovi Vietnamesehi Hindibn Bengalita Tamilzu Zulusw Swahilide Germanfr Frenches Spanishpt Portugueseru Russian