March 27, 2024
North Korean Hackers Turn to Russian Crypto Exchanges for Money Laundering
Latest Cryptocurrency News

North Korean Hackers Turn to Russian Crypto Exchanges for Money Laundering

According to Chainalysis, North Korean hacker gangs are increasingly turning to Russian cryptocurrency exchanges to launder stolen money.

According to the on-chain analytics company, North Korean hackers recently sent a Russian exchange renowned for supporting shady financial movements around $21 million in cryptocurrency that was taken in the previous year’s Horizon Bridge hack.

“This latest action marks a significant escalation in the partnership between the cyber underworlds of these two nations,” Chainalysis wrote in a blog post this month.

The article said that since 2021, North Korean hackers have been utilizing Russian exchanges for money laundering. Given Russia’s approach toward international law enforcement, it was stated that the development presents a difficulty for international authorities.

North Korean hacking groups were reportedly less active in 2023 than they were in 2022, according to Chainalysis, which also emphasized that 2022 was a year in which North Korean hackers obtained “catastrophically high figures.” Compared to the approximately $1.7 billion reportedly stolen in 2022, they have taken just $340.4 million in bitcoin this year.

“While North Korea-linked hackers are on pace to steal much less cryptocurrency than they did last year, it’s important to acknowledge that the catastrophically high figures from 2022 created an unusually high bar to surpass,” Chainalysis stated.

According to Chainalysis, since 2016, North Korean organizations have stolen $3.54 billion worth of cryptocurrencies. “DPRK continues to be an incubator for hacking activities and remains one of the largest active threats in the cybercrime landscape,” it added.

According to Chainalysis, since 2016, North Korean organizations have stolen $3.54 billion worth of cryptocurrencies. It said, “DPRK remains one of the largest active threats in the landscape of cybercrime and continues to serve as an incubator for hacking activities.”

The Lazarus Group, the most notorious cybergang from North Korea, is said to have carried out a big attack on CoinEx last Thursday, stealing a minimum of $55 million worth of cryptocurrency assets. The hacker organization was discovered when it mistakenly disclosed its address, which matched the one used in recent attacks involving Stake and Optimism, according to blockchain security company SlowMist and on-chain investigator ZachXBT.

The developments take place in the wake of independent monitors raising concerns to the UN Security Council about North Korea’s use of cyber theft to get under sanctions and fund its nuclear ambitions.

According to a Reuters article from the beginning of August, North Korea is using cryptocurrency theft to dodge sanctions and carry out its nuclear weapons development, according to an unpublished United Nations investigation. According to reports, an upcoming UN report warns of North Korean hacking groups that are “state-sponsored” and target crypto and financial exchanges around the world.

In a report to the UN Security Council committee, observers said that “the DPRK continued to access the international financial system and also engaged in illicit financial operations,” noting that “companies in the cryptocurrency, defence, energy, and health sectors were targeted in particular.”‘

Image: Wallpapers.com

Related posts

USDC Expands Its Reach in the Philippines Through Coins.ph Collaboration

Henry Clarke

Senators Demand Report on SEC X Breach

Bran Lopez

THORSwap Enters ‘Maintenance Mode’ to Combat Illicit Fund Movements

Kevin Wilson

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More