North Korean hackers steal $497M in crypto from US businesses

North Korean hackers person stolen $497 cardinal successful cryptocurrencies from U.S. businesses since 2017, according to a Nikkei-sponsored Elliptic analysis.

The Elliptic investigation focused connected businesses whose cryptocurrencies were transferred to wallets connected to North Korea’s state-sponsored Lazarus Group — a radical notoriously down the exploitation of respective DeFi projects.

The United Nations and the U.S. authorities person severally highlighted however the Asian state backs cybercrime to money its rocket program. A UN report claimed that hackers successful the state stole implicit $1 cardinal successful crypto assets successful 2022, much than treble successful 2021.

Earlier today, an authoritative of the U.S. Department of Justice (DOJ), Eun Young Choi, said the national bureau was expanding its scrutiny of DeFi exploiters due to the fact that of the prevalence of North Korea-backed hackers successful these activities.

Meanwhile, the Nikkei-sponsored investigation showed that the state-sponsored hackers besides focused their activities connected different countries similar Japan, Vietnam, and Hong Kong.

North Korean hackers person stolen $2.3B

According to the analysis, the hackers stole $2.3 cardinal successful crypto assets from businesses worldwide implicit the past 5 years.

Japan is simply a large target for these hackers arsenic they stole $721 cardinal from firms successful the state — equating to 30% of their illicit wealth. It is followed by Vietnam, wherever they stole $540 cardinal and $281 cardinal from Hong Kong.

The survey recovered that the hackers relied connected ransomware payments and hacking to get their illicit funds. In immoderate cases, they stole straight from crypto exchanges oregon exploited the vulnerability successful cross-chain DeFi projects similar Horizon. There were besides instances wherever they hacked businesses’ information and forced them to wage ransom successful cryptocurrencies.

Meanwhile, the hackers look to absorption connected Japan and Vietnam crypto exchanges owed to their mediocre security. Elliptic reported that North Korean hackers hacked astatine slightest 3 exchanges successful Japan betwixt 2018 and 2021.

The station North Korean hackers bargain $497M successful crypto from US businesses appeared archetypal connected CryptoSlate.