A recent report by blockchain analytics firm Chainalysis states that cybercriminals in North Korea stole nearly $400 million worth of bitcoin and Ether in 2021.
report of Chainalysis Published January 13, 2022, funds were stolen after attacks on at least seven crypto exchanges. Additionally, the company believes that most of the attacks may have been committed by a well-known cybercriminal organization known as the Lazarus Group.
According to blockchain analytics firms, The number of hacks involving North Korea has increased from four in 2020 to seven in 2021. The value of hacks has also increased 40%, with Chainalysis calling 2021 a “banner year” for these perpetrators.
Hackers have used methods such as exploit code, phishing, malware, advanced social engineering, and hacking to steal money from unsecured exchanges. good enough
Interestingly, less than a quarter of bitcoins are stolen, with around 20% of BTC stolen in 2021. Meanwhile, Ether accounts for more than half of all thefts at 58%, while Other altcoins and ERC-20 tokens accounted for 22%.
Chainalysis said cybercriminals exchange ERC-20 tokens and other altcoins for ETH through decentralized exchanges, then transfer Ether into the mixer, a software service that makes the source of crypto transactions confusing and difficult to track. and then exchange it for Bitcoin
The hackers then send Bitcoin to crypto-to-fiat-enabled exchanges located in Asia.
However, Chainalysis noted that Around $170 million worth of cryptocurrency remains unlaundered. And this amount is compiled from 49 hacks in 2017 to 2021. Meanwhile, $55 million in total holdings came from attacks in 2016.
“It is not clear why hackers still do nothing with these funds. But it could also be that they hope that law enforcement in these cases will be reduced. so that they can withdraw their money without being watched.”
Meanwhile, Chainalysis has identified North Korean and hacker activities as a threat to the crypto industry.
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