North Korea-Linked Hackers See Steep Decline in Stolen Cryptocurrency, Raising Security Concerns
Summary:
North Korea-linked hackers have experienced an 80% decline in stolen cryptocurrency, amounting to $340.4 million as of September 14, 2023. However, this decrease does not signal improved security, as 2022 saw a record $1.65 billion in stolen funds. The Lazarus Group, affiliated with North Korea, has been responsible for recent hacks, resulting in a loss of over $95 million. Chainalysis has found that North Korean hackers are increasingly relying on Russian exchanges and US-sanctioned cryptocurrency mixers to launder illicit funds. The United Nations is working to combat North Korea's cybercrime activities, given suspicions that the stolen funds are being used for its nuclear missile program. Enhanced smart contract audits are anticipated to make it more difficult for these hackers in the future.
North Korea-linked hackers have seen an 80% drop in stolen cryptocurrency from 2022, totaling $340.4 million in losses as of September 14, 2023. However, blockchain forensics firm Chainalysis warns that this decrease does not necessarily indicate improved security or reduced criminal activity, as 2022 set a high benchmark with $1.65 billion reported stolen. The firm cautions that a single large hack could easily push stolen funds over the billion-dollar threshold for 2023. Recently, the Lazarus Group, affiliated with North Korea, was responsible for two separate hacks, resulting in a loss of over $95 million. These attacks constitute about 30% of all cryptocurrency funds stolen through hacks this year. Chainalysis also discovered that North Korean hackers have increasingly relied on specific Russian-based exchanges to launder illicit funds. Furthermore, they have utilized United States-sanctioned cryptocurrency mixers to facilitate their activities. The United Nations is taking action to address North Korea's cybercrime tactics internationally, as it is believed that the stolen funds are being used to fund the country's nuclear missile program. Chainalysis hopes that heightened smart contract audits will make it more challenging for these hackers in the future.
Published At
9/15/2023 1:36:23 AM
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