North Korea

North Korean state-backed hackers were likely behind the latest crypto attack that saw Horizon lose approximately $100 million. CNBC reported earlier today, citing analysis from blockchain researchers Elliptic and Chainalysis. Per Elliptic, there are strong indications that Lazarus Group was behind the attack. The company added that the Horizon attacker converted most of the stolen funds into Ether (ETH). Following the exploit, the hacker’s address held 85,867.25 ETH. Elliptic claims that the hacker started laundering the funds through Tornado Cash,…

North Korea is experiencing hardship after the crypto crash wiped off millions from its stash of stolen digital assets. Reuters reported on June 29, citing four digital investigators. According to the investigators, the bear market threatens a key funding source for Pyongyang and its weapons programs. Allegedly, North Korea has invested heavily in sophisticated crypto hacking groups over the years. As a result, the country has become a significant threat, successfully orchestrating multiple high-profile attacks on the crypto space. An…

The US Federal Bureau of Investigation (FBI) has cautioned businesses against accidentally hiring IT employees from North Korea. In an advisory note, the state and treasury departments and the FBI warned that North Korean hackers are posing as freelancers. In doing so, they take advantage of remote work opportunities to earn money for Pyongyang. According to the FBI, the country’s hackers have been using this approach to evade US and UN sanctions. Reportedly, North Korea has used the funds from…

The CEO of a South Korean crypto exchange has been indicted on charges of leaking classified information to North Korea.  Earlier this month, authorities arrested the executive along with an army major, who authorities pinned weeks later, in the espionage operation.  North and South Korea have been embroiled in harsh relations since fighting a war in the early 1950s. Apart from recent frictions between other states and North Korea, the historical animosity between these two countries further exacerbates the alleged…

According to reports, the United Nations claims North Korea might funnel crypto obtained via coordinated cyberattacks on exchange platforms towards its weapons programs. North Korea’s military is suspected of having generated about $2 billion from crypto hacks since 2019. UN Reports on Attacks By DPRK Cyberactors The information was initially sourced from a UN report where a member state alleged that cyber actors from the Democratic People’s Republic of Korea (DPRK) had made off with virtual currency worth over $50m.…

Recently, CipherTrace released a detailed analysis of how two Chinese nationals laundered stolen crypto through various banks and crypto exchanges.  The two Chinese national hackers are Tian Yinyin and Li Jidong. The two hackers got charged with money laundering conspiracy and operating an unlicensed money transmitting business by the US Department of Justice. The Technique Used to Carry out the Fraud as per CipherTrace CipherTrace reported that the two Chinese hackers used a technique known as ‘peel chains’ to hide…

At the beginning of the year 2020, Virgil Griffith, an ethereum researcher, got accused due to traveling to North Korea and purportedly aided the country to evade sanctions. Griffith got arrested by the FBI last year for allegedly traveling illegally to North Korea. Prosecutors said that Virgil Griffith used blockchain and cryptocurrency to assist North Korea in evading sanctions. He got charged with violating the International Emergency Economic Powers Act. On the 30th of January 2020, NK news reported that…