$400 million worth of crypto stolen to fund North Korean weapons of mass destruction, says report

Last twelvemonth was a record twelvemonth for North Korean theft of cryptocurrency, according to a written report by Chainalysis. The outlet claims that cybercriminals connected to the N Korean regime stole $400 one thousand thousand worth of digital assets, including Ether, Bitcoin, and other cryptocurrencies. Investment firms were the primary victims of the attacks, which came in the form of phishing lures, code exploits, malware, and other methods.

Co-ordinate to Chainalysis, the Democratic People's Commonwealth of Korea (DPRK) laundered the funds to build weapons of mass destruction (WMDs) and ballistic missiles.

Due to the complexity of the attacks, several security experts take classified the cyber actors from the DPRK equally avant-garde persistent threats (APTs). Chainalysis focuses heavily on APT 38, aka "Lazarus Group." That grouping is reportedly led past the DPRK's primary intelligence agency, the Reconnaissance General Bureau. The Lazarus Group was involved with the Sony Pictures and WannaCry cyberattacks. Since 2022, the APT has stolen sums typically more than than $200 million per year.

Chainalysis notes that many of the attacks it covered were likely perpetrated past the Lazarus Group.

In 2022, the number of hacks connected to North Korea rose from four to 7. The value of those attacks grew forty% compared to 2022.

Ether made up 58% of the value of stolen funds. Bitcoin accounted for less than 25% of the value of stolen funds. The tendency toward Ether is likely related to the fact that the cryptocurrency's value rose dramatically last yr.

The coin laundering process required after stealing cryptocurrency is complicated. It involves swapping altcoins for Ether, mixing Ether, and swapping that mixed Ether for Bitcoin. Mixers played an increased role in money laundering in 2022, according to Chainalysis. Over 65% of DRPK'due south stolen funds were said to have gone through mixers.

Chainalysis goes into more depth regarding the technical process of laundering money. The outlet is bullish in its accusation of the cybercriminals. "These behaviors, put together, pigment a portrait of a nation that supports cryptocurrency-enabled criminal offence on a massive calibration. Systematic and sophisticated, North Korea's government—be it through the Lazarus Group or its other criminal syndicates—has cemented itself as an advanced persistent threat to the cryptocurrency industry in 2022."

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