North Korean-linked Bitcoin wallets contain $40 million from recent hacks, FBI warns

North Korean-linked Bitcoin wallets contain $40 million from recent hacks, FBI warn

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  • FBI identifies six Bitcoin wallets linked to North Korean hackers, suspected to hold $40 million in stolen crypto.
  • The FBI urges caution as stolen funds may be sold, calling for monitoring of blockchain data related to flagged addresses

The FBI has identified six Bitcoin wallets believed to be connected to North Korean hacking groups Lazarus Group and APT38. These wallets are suspected to hold more than $40 million in stolen cryptocurrency. The funds are thought to have been taken from a series of high-profile hacks, including a $60 million theft from payment processor Alphapo and a $100 million exploit of Atomic Wallet.

The FBI’s findings indicate that the Lazarus Group has been actively moving the stolen Bitcoin. There is growing concern that the Democratic People’s Republic of Korea (DPRK) may attempt to sell these digital assets. In response, the FBI urges private sector entities to monitor blockchain data related to the flagged addresses and exercise caution with transactions involving these funds.

Urgent call for vigilance as stolen funds may hit the market

The FBI’s warning is part of a broader effort to combat the DPRK’s aggressive cybercrime tactics, including virtual currency theft. These illicit activities are believed to be a significant revenue source for the regime. Last year’s thefts by Lazarus prompted international warnings and calls for preventive measures against further cyber-attacks.

The FBI has previously confirmed attacks against various crypto platforms, and in April, the US Treasury’s Office of Foreign Assets Control sanctioned individuals allegedly connected to the hacking group. The agency is now advising crypto companies to watch for activity related to the six identified BTC wallets and to use blockchain data to track fund movements.

The North Korean hackers’ involvement in crypto theft is not new. Cryptopolitan reported that they have stolen nearly $2 billion in crypto since 2018, with 2022 being a particularly active year. Law enforcement agencies and crypto companies have previously collaborated to freeze funds linked to such exploits, including a $1.4 million freeze by Huobi and Binance earlier this year.

The FBI’s warning and the ongoing collaboration between law enforcement and the crypto industry underscore the challenges and resilience of the digital asset world. By leveraging blockchain technology’s transparency and working together, the crypto community is taking steps to protect itself from malicious actors.

The situation with the North Korean-linked Bitcoin wallets is a stark reminder of the sophisticated threats facing the crypto industry. 

However, it also highlights the potential for innovation and cooperation in addressing these challenges. The combined efforts of law enforcement, exchanges, and other industry players are shaping a future that balances opportunity with security, even in the face of complex hacking threats and regulatory obstacles.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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