• Tue. Apr 16th, 2024

North Korean Hackers Amass $180 Million from Cryptocurrency Heists in Half a Year

Avatar photo

ByMarcel Bich

Sep 8, 2023
North Korean Hackers Amass $180 Million from Cryptocurrency Heists in Half a Year
Marcel Bich
Latest posts by Marcel Bich (see all)

North Korea’s ongoing menace to the digital currency realm is undeniable. Asia Today reports that hackers hailing from this nation have made away with cryptocurrencies valued at a minimum of $180 million during the first half of 2023. Since 2015, North Korea’s illicit tally in virtual assets has surpassed $1.5 billion. Lazarus Group, a notorious North Korean hacking organization, is at the epicenter of many such crypto breaches, as mentioned by South Korea’s intelligence agency.

Lazarus’ Infamous Raids

The U.S. authorities have implicated Lazarus in a monumental breach of the Ronin blockchain, the foundation of the game Axie Infinity. This attack, which witnessed the looting of $600 million, is recorded as the most substantial heist in crypto history. The culprits made off with an immense haul of 173,600 ETH and 25.5 million USDC.

Another potential Lazarus exploit surrounds the blockchain endeavor, CoinsPaid. This entity succumbed to a cyber onslaught, incurring a devastating loss of $37 million. The swiftness and modus operandi of the theft have raised suspicions that Lazarus might be the perpetrators. In a deviously crafted ploy, the attackers orchestrated a sham video interview with a CoinsPaid developer, manipulating him into uploading a file on his official computer under the pretext of a technical test.

Decrypting North Korea’s Crypto Laundering

Taylor Monahan, the brain behind the cryptocurrency wallet MyCrypto, unveiled that Lazarus is meticulously masking their digital footprints from the Harmony cross-chain bridge, the Atomic Wallet, and crypto initiatives like CoinsPaid and Alphapo by resorting to cross-chain movements. By early August, the laundered sum through such interconnected chain frauds over the preceding weeks ranged between $25 million to $50 million. The malefactors alone executed over five hundred transactions.

 
Avatar photo

Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.