A market intelligence firm says North Korean hackers are using Russian crypto exchanges known for laundering money to move stolen digital assets.
in a new blog postCryptoanalysis platform Chainalysis says on-chain data reveals that North Korea-linked hacking groups are using Russian crypto exchanges to launder funds. stolen from the exploitation of the Harmony decentralized application project (ONE) earlier this year.
“In the wake of a historic weapons meeting between Kim Jung-un and Vladimir Putin, on-chain data reveals disturbing information: hacking groups linked to the Democratic People’s Republic of Korea (DPRK) are increasing their use of exchanges based in Russia that are known to launder illicit crypto assets.
This development comes as independent sanctions monitors are raising the alarm about North Korea’s evolving tactics in cyber warfare. An upcoming United Nations report warns that the DPRK is using increasingly sophisticated cyberattacks to fund its nuclear missile programs, with “state-sponsored” hacking groups targeting cryptocurrencies and financial exchanges around the world .
Chainalysis data shows that $21.9 million in cryptocurrency stolen from the Harmony Protocol was recently transferred to a Russia-based exchange known for processing illicit transactions.
Additionally, Chainalysis has evidence showing that DPRK entities have been using Russian services, including this exchange, for money laundering since 2021. This latest action marks a significant escalation in the partnership between the cyber worlds of these two nations.” .
Chainalysis data continues to show that North Korean hacking groups have been less prolific in 2023 compared to last year. However, the cryptanalysis company notes that they obtained “catastrophically high” figures in 2022.
“According to Chainalysis data, the value of stolen cryptocurrencies associated with DPRK groups currently exceeds $340.4 million this year, compared to more than $1.65 billion in stolen funds reported in 2022.
While North Korea-linked hackers are on track to steal far fewer cryptocurrencies than last year, it’s important to recognize that 2022’s catastrophically high numbers created an unusually high bar to clear.”
Source: Chain Analysis
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