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North Korea’s crypto thefts reach $750 million in 2023, UN report reveals.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
North Korea-backed Lazarus group has stepped up their use of sanctioned crypto mixer Tornado Cash, moving over $100 million worth of Ethereum through the platform in the past week.
According to blockchain security firm PeckShield, addresses linked to the exploiters of Justin Sun-linked HTX exchange and Heco Bridge have transferred 40,391 ETH, equivalent to $145.7 million, via the decentralized crypto mixing tool.
A chart detailing the flow of funds shows that 18 different addresses were used to send funds to two Tornado cash addresses.
These transfers mark the first time the funds will be moving since they were stolen during the HTX and Heco bridge exploitation last November. The attack is widely believed to have been performed by North Korea-backed hackers.
Last week, CryptoSlate reported that the North Korea-backed hacker group was again utilizing the sanctioned crypto mixer Tornado Cash. This resurgence comes after the US government’s crackdown on centralized mixers like Sinbad.io.
Blockchain analytics firm Elliptic explained that Lazarus’s return to Tornado Cash reflects the challenges authorities face in curtailing the operations of such decentralized mixers.
North Korea-linked hackers stole more than $750 million last year from different crypto projects, South Korean news agency Yonhap reported on March 21, citing a UN report.
Last year, US authorities had linked the Lazarus group to several crypto hacks and exploitations, including the $41 million hack of online casino platform Stake and the $100 million stolen from Atomic Wallet.
Meanwhile, the total amount stolen by these state-sponsored malicious attackers drastically increases to about $3 billion when the time frame is extended to between 2017 and 2023.
According to the report, the heavily sanctioned country used these attacks to generate about 50% of its foreign currency earnings. The country also allegedly uses these illicit proceeds to fund its weapons program.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
North Korea-backed hackers have diversified their laundering strategies in response to sanctions imposed by Western authorities.
The attackers impersonate legitimate venture capital firms on Telegram and use meeting and scheduling apps to launch sophisticated phishing attacks.
The accused faces charges of sanctions violations and extradition to the U.S.
Tornado Cash’s overall volume has plunged by around 85% following the U.S.-imposed sanctions.
The US SEC has stepped up its scrutiny of Ethereum, inadvertently uniting the crypto community against it.
Following the move, ENS token price saw an uptick to $22.
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Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Must-read crypto news & insights.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Tornado Cash is a decentralized, non-custodial privacy solution built on Ethereum.
Elliptic empowers financial institutions and crypto businesses to confidently manage risk and meet AML regulatory compliance worldwide.
PeckShield is a blockchain security and data analytics company, that offers products and services for security, privacy, and usability of the entire blockchain ecosystem.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
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