North Korean Hackers Stole $400 Million in Cryptocurrency Last Year — Ether Accounts for 58% of Stolen Funds – News Bitcoin News

Last year, North Korean hackers stole approximately $400 million in cryptocurrency. This was after seven large-scale attacks on crypto platforms. “Only 20% of the stolen funds were bitcoin … And for the first time ever, ether accounted for a majority of the funds stolen at 58%,” said blockchain data analytics firm Chainalysis.

North Korean Hackers Steal $400 Million In Crypto Currency Last Year

Chainalysis, a blockchain analytics platform published a Thursday analysis of North Korean hackers. It described:

The 2021 North Korean Cybercriminals enjoyed a record year. At least seven of their attacks against cryptocurrency platforms resulted in nearly $400 Million worth of digital assets being stolen.

“These attacks targeted primarily investment firms and centralized exchanges,” the firm explained.

The hackers “made use of phishing lures, code exploits, malware, and advanced social engineering” to siphon funds from companies’ hot wallets into the addresses controlled by the Democratic People’s Republic of Korea (DPRK), Chainalysis added, elaborating:

After North Korea was granted custody, the North Korean authorities began laundering to conceal and get cash out.

Chainalysis noted that “In 2021, North Korean hacking activity was on the rise once again. 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%.”

Additionally, the firm stated that Bitcoin now represents less than one-fourth (or less) of all the cryptocurrency stolen by North Korea.

The stolen funds comprised only 20% bitcoin and 22% ERC-20 tokens. At 58%, the majority of funds were stolen by ether.

“More than 65% of DPRK’s stolen funds were laundered through mixers this year, up from 42% in 2020 and 21% in 2019, suggesting that these threat actors have taken a more cautious approach with each passing year,” the firm concluded.

How do you feel about North Korea’s attack on crypto exchanges? What did they steal last year worth $400 million in cryptocurrency? Comment below to let us know your thoughts.

Kevin Helms

Kevin, a student of Austrian Economics and a Bitcoin evangelist since 2011, was one of the first to discover Bitcoin. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.

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