Chainalysis, a blockchain analytics company, released a report on North Korean cybercriminals and their unlaundered bitcoin assets on Thursday. The company stated that the North Korean scammers in 2021, executed at least seven malicious attacks on cryptocurrency platforms and stole approximately $400 million worth digital assets. These assaults were mostly targeted at investment businesses and centralised exchanges.
The hackers used phishing lures, code vulnerabilities, malware, and sophisticated social engineering” to steal payments from firms’ hot wallets to Democratic People’s Republic of Korea (DPRK) accounts. After stealing funds, North Korean cybercriminals thoroughly started a money laundering operation to cover up and pay out.
According to Chainalysis, in 2021, North Korean cyber activities were on the upswing once more. Between 2020 and 2021, the frequency of North Korean-linked cyber attacks increased from four to seven, and the value obtained from these attacks surged by 40 percent.
According to the report, bitcoin represents approximately less than one-fourth of the cryptocurrency stolen by North Korea. Only 20 percent of the stolen money in 2021 were bitcoin, while the remaining 22 percent either were ERC-20 tokens or altcoins. And, for the very first time, ether accounts for the largest share of the money stolen, accounting for 58 percent of the total.
More than 65 percent of the DPRK’s stolen cash were routed through mixers this year, up from 42 percent in 2020 and 21 percent in 2019, indicating that all these malicious hackers are becoming more careful with each successive year.
