North Korea reportedly steals cryptocurrency assets using hacking groups

North Korea

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TL;DR Breakdown

• North Korean government reportedly financing crypto pirates.
• Mandiant investigates North Korea after linking it to the theft of $400,000,000 in cryptocurrency funds.

Recently a cyber security agency announced that the North Korean government promotes crypto-thefts in its territory. According to reports, a North Korean group is dedicated to hacking crypto wallets to extract funds in decentralized currencies from their clients.

Since cryptocurrency trading peaked in 2021, news of cyber heists has been frequent. The Virginia investigative agency Mandiant alleges that Kim Jong-Un is guilty of stealing scientific innovations and cryptocurrency assets through hacking organizations worldwide.

North Korea under investigation for crypto theft

North Korea

Mandiant, a company responsible for fighting cybercrime, shows that the country’s government is guilty of stealing cryptocurrency assets. According to the investigative agency, the country supports hackers who break into crypto platforms and financial organizations worldwide.

The Virginia-based agency indicates these hackers have ramped-up crypto thefts activities. This occurred after the East Asian country, like other territories, suffered from the Covid-19 pandemic for almost two years.

Mandiant said that North Korea uses stolen crypto funds and uses the cryptos for weapons, vaccines, and to avoid the economic blockades that Washington is exploring.

The country approves the cybercriminal organization’s operations

There are reports that North Korea supports a cybercriminal organization. The espionage work shows that Lazarus would be guided by Kim Jong-Un, corresponding to the president who followed the Kim dynasty.

Hackers may have mined around $400,000,000 worth of various tokens after completing attacks on around seven exchanges. Chainalysis, a cryptoanalysis agency, announced that by 2017, the majority of virtual thefts would be perpetrated from the North Korean region.

Mandiant reveals that North Koreans use tools such as phishing, encryption systems, advanced programming, and malware to break into crypto agencies. After perpetrating the theft, the hackers send the funds to a crypto mixer to launder the money and send it to their virtual wallets.

The main crypto thefts are linked to Bitcoin mining, Ethereum, and Litecoin, the most popular tokens. In recent months, exchanges have also seen Dogecoin and Shiba Inu theft. The investigation agency does not rule out the possibility that stolen crypto funds may be more than estimated.

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Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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