By Alicia Maher
In at least seven significant attacks on crypto sites in 2021, North Korean hackers were able to take cryptocurrency valued at around $400M. Bitcoin accounted for only 20 percent of the money taken. And, during the initial period, Ethereum contributed for the bulk of the cash taken, accounting for 58 percent, according to Chainalysis.
Cryptocurrency Worth $400M Stolen by North Korean Hackers in 2021
On Thursday, Chainalysis presented an investigation on the hackers from North Korean hackers and their alleged cryptocurrency assets. The business characterized itself as follows: In 2012, North Korean hackers featured a golden year, mounting at least 7 cyberattacks on cryptocurrencies platforms, stealing about $400M in crypto-assets. Financial businesses and centralized marketplaces were the primary targets of these cyberattacks, the company claimed.
To drain payments from organizations’ hot wallets into accounts managed by the DPRK, the hackers “used phishing baits, coding weaknesses, malware, and clever social engineering,” Chainalysis was added, with the following explanation: When North Korea took possession of the money, they initiated a meticulous laundering operation to conceal and send them out.
North Korean hacker activities was on the upswing once again in 2021, according to Chainalysis. From 2020-2021, the number of cyberattacks connected to North Korea increased from 4 to 7, with the revenue taken from these attacks increased by 40 percent.
BTC is currently accountable for below a quarter of the cryptocurrency taken by North Korea, according to the business, which also stated: Last year, only 20 percent of the stolen cash was BTC, with the remaining 22 percent being altcoins or ERC-20 tokens. Ethereum is accountable for most of the cash stolen during the initial period, accounting for 58 percent of the total.
Over 65 percent of the DPRK’s stolen assets were laundered via mixers this year, rising from 42 percent in 2020 and 21 percent in 2019, indicating that these malicious hackers are becoming more careful with every coming year, the company stated.
Cryptocurrency Hacking and the Law
Cryptocurrency hacking is prohibited in several countries. Phishing and social engineering assaults are the most popular methods of cryptocurrency hacking. Whenever it has to deal with 58 percent crypto attacks, though, there aren’t many restrictions in place to prohibit miners from controlling over half of a platform’s computer power.
According to Huobi Global, more damaging crypto attacks occur when smart contracts are hijacked or abused, allowing the attacker to enter huge portions of a cryptocurrency firm’s financial statements and infrastructure. They can steal millions of dollars worth of cryptocurrencies all at once.
Hackings, on the other hand, could be seen as charitable gesticulations. For instance, whenever an attacker references a software bug in a smart contract, a malicious individual doesn’t hack and embezzle the cash, allowing everybody to lose money.