Hackers in North Korea steal around $400 million from global exchanges

TL;DR Breakdown

• The United States government is on the trail of North Korean hackers.
• Hackers take advantage of the country’s strict policies to operate from Pyongyang.

The cryptocurrency market which has proven to be significantly exposed to online thieves has witnessed another hacking scandal. Recent reports have claimed that cybercriminal groups in North Korea have stolen around $400 million worth of cryptos. The country has not only been relevant because of its dictatorship controlled by the Kim dynasty but also because it is the base of operations for many hackers allegedly trained by the people’s republic.

According to reports from the Chainalysis platform, 2021 was the busiest year for crypto thefts, with at least seven attacks on exchanges from North Korea perpetuated. Reports indicate that crypto thefts amounted to over 40 percent in 2021 from North Korean territory compared to 2020.

North Korea a cradle of cyber hackers?

The Chainalysis report indicates that the majority of hackers come from North Korea. These cyber hackers steal the cryptos, open a process to launder the funds, and finally withdraw the money.

A group of professionals at the United Nations believes that North Korea uses the stolen crypto money to finance its nuclear projects. The US government suspects that North Korean territory uses the money to assemble missiles to intimidate countries that maintain their sanctions, including the United States.

So far, the capital city of Pyongyang has not responded to media requests to discuss the issue. However, they have stated nothing to do with cryptocurrency hackers.

North Korean hackers are in America’s sight

In 2021, the United States government blamed a group of North Korean programmers for the theft of $1.3 billion in fiat and cryptos. All the money extracted by the hackers affected several banks that operated with cryptos and some film agencies.

According to Chainalysis, most of the illegal operations of hackers go against central exchanges and commercial companies. Among those affected by the crypto, thefts are Liquid.com, a cryptographic trading platform, which for August 2021 spoke about the extraction of funds.

Crypto platform Liquid.com said virtual criminals used phishing, malware, and code exploit to steal the money and send it to a hot wallet working from North Korea. The company never recovered the funds, but it did have the audacity to report what happened so other exchanges could improve their security ring.

Experts in the United States suggest that Lazarus Group is the name of the North Korean piracy agency. The hacking team could be involved in Ransomware attacks on International Banks.

The Chainalysis announcement concludes by saying that in 2021 North Korean hackers will have stolen around $400 million. However, the figure could be inconclusive as many attacks went unreported.