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North Korean hackers stole $400 mn in cryptocurrency in 2021: Chainalysis

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Mint

Fri, Jan 14, 2022

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In 2021, the North Korean hackers launched seven attacks on cryptocurrency platforms, extracting assets from internet-connected 'hot' wallets and moving them to North Korean controlled accounts Listen to this article North Korean hackers stole around $400 million worth of cryptocurrency through cyberattacks on digital currency outlets last year, blockchain data platform Chainalysis said on Thursday.

Pyongyang is under multiple international sanctions over its atomic bomb and ballistic missile developments but analysts say the North has also built up its cyber capabilities with an army of thousands of well-trained hackers who extract finances to fund the state's weapons programs.

In 2021, the hackers launched seven attacks on crypto platforms, extracting assets from "internet-connected 'hot' wallets" and moving them to North Korean controlled accounts, according to Chainalysis.

"Once North Korea gained custody of the funds, they began a careful laundering process to cover up and cash out," Chainalysis said in a report published on its website.

On Friday South Korean and Japanese officials said North Korea fired an unidentified projectile eastward in its third suspected weapons test in just over a week.

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