North Korean Crypto Hacks Total $3.6 Billion, UN Reports

As a seasoned crypto investor who has closely followed the news and trends in the industry for years, I cannot help but be alarmed by the latest revelations regarding North Korea’s involvement in cryptocurrency theft and money laundering. The fact that the UN sanctions monitor uncovered evidence of a $147.5 million money laundering operation facilitated through Tornado Cash is deeply concerning.

As a crypto investor, I’ve come across some concerning news regarding North Korea and their alleged money laundering activities. A United Nations sanctions monitor recently discovered evidence of transactions worth approximately $147.5 million, which they believe were facilitated by the virtual platform Tornado Cash in March this year. These transactions are believed to be in violation of international sanctions against North Korea. It’s important for all investors to stay informed and cautious when dealing with such platforms or any suspicious activities within the crypto space.

From 2017 to 2024, the monitors’ findings indicate that North Korean hackers are suspected of launching approximately 97 cyberattacks against cryptocurrency businesses, amassing a total estimated loss of around $3.6 billion.

North Korea is reportedly responsible for laundering $147.5 million in stolen crypto through the Tornado Cash platform last March, following last year’s theft from a cryptocurrency exchange, as per confidential UN expert findings.

— *Walter Bloomberg (@DeItaone) May 14, 2024

In the year 2024, reports indicate that North Korean hackers managed to steal cryptocurrency in a total of 11 instances, amassing over $54.7 million in the process. Surprisingly, these cyberattacks often involve individuals from the North Korean IT workforce who unintentionally gained employment with small crypto companies, providing them with opportunities to exploit vulnerabilities.

Back in 2022, I found myself keeping a close eye on developments within the crypto sphere. One particular story that grabbed my attention was the U.S. government’s designation of Tornado Cash as a sanctions target. The reason given was their alleged involvement in supporting North Korean cybercriminals. This came as quite a shock to many within the community, as Tornado Cash is a privacy protocol that allows users to send anonymous transactions on the Ethereum blockchain.

Based on recent findings, I’ve noticed that cyber threats originating from North Korea continue to pose a risk. Specifically, the notorious Kimsuky Group has been identified as the perpetrator, employing a novel malware named Durian in their attacks against South Korean cryptocurrency companies.

Read More

2024-05-15 04:52