A recent study by Elliptic, a blockchain analytics firm, revealed that North Korean crypto hackers had stolen more than $2.3 billion from cryptocurrency platforms and users since 2017.
The study analyzed the losses of crypto due to hacking and ransomware incidents linked to North Korea and found that Japan was the most affected country, followed by Vietnam, Hong Kong, and the United States.
The report also claimed that North Korean hackers used decentralized finance services, crypto mixers, and NFTs to launder their stolen funds. The Lazarus Group, a notorious hacking group associated with North Korea, carried out some significant crypto thefts. The stolen crypto was allegedly used to fund North Korea’s nuclear weapons program and evade international sanctions.
This article will discuss the details of the study, the methods and motives of the North Korean hackers, and the implications for the crypto industry and global security.
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