![North Korean hackers stole $400Mn in crypto last year North Korean hackers stole $400Mn in crypto last year](https://varindia.com/storage/news/uploads/2018/02/61e2b4b12d871.jpg)
A new report revealed that North Korea launched at least seven attacks on cryptocurrency platforms that extracted nearly $400 million worth of digital assets last year.
These attacks targeted primarily investment firms and centralized exchanges, and made use of phishing lures, code exploits, malware, and advanced social engineering to draw out funds out of these organizations’ internet-connected “hot” wallets into DPRK-controlled addresses.
The report added that, “Once North Korea gained custody of the funds, they began a careful laundering process to cover up and cash out.”
The North Korean hacking efforts have benefited from the surging value of cryptocurrencies. The rise in cryptocurrency prices and usage has generally made digital assets increasingly attractive to malicious actors, leading to more crypto thefts in 2021.
Last year, the United States charged three North Korean computer programmers working for the country's intelligence service with a massive, years-long hacking spree aimed at stealing more than $1.3 billion in money and cryptocurrency, affecting companies from banks to Hollywood movie studios.
North Korea also appeared to step up efforts to launder stolen cryptocurrency, significantly increasing its use of mixers, or software tools that pool and scramble cryptocurrencies from thousands of addresses. The report said researchers had identified $170 million in old, unlaundered cryptocurrency holdings from 49 separate hacks spanning from 2017 to 2021.
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