North Korean Hackers Launder Crypto Using Sophisticated Techniques: Report

A recent analysis revealed that the Lazarus Group, a cybercrime group led by Pyongyang, uses advanced techniques to steal and to launder cryptocurrency. According to the report, the gang showed “remarkable adaptability to evolving regulation.”

North Korea and Crypto

Although Russia and China have always been the most prominent cyber security concerns of democratic governments, North Korea’s totalitarian regime is slowly emerging as a leader in these attacks.

The Center for a New American Security (CNAS), in its latest report, warned of a Pyongyang-led organization that is involved in cybercrime. This group was known as the Lazarus Group. According to the analysis, this group has evolved from a “rogue hacker team” into a formidable army of cybercriminals that can steal crypto worth hundreds of millions of dollar.

CNAS reminded the CNAS that in 2020, the notorious organization snatched digital assets worth around $300 million from KuCoin, a Singapore-based exchange. The US think tank also highlighted the “sophisticated hacking techniques” used by the gang.

“This major intrusion involved a variety of sophisticated hacking techniques and laundering techniques, including a professional mix service and the use defi platforms to try and obfuscate any activity.”

The Lazarus Group didn’t mix enough stolen assets. This made it relatively simple for law enforcement to track the attack.

Although the hackers used different Bitcoin addresses for the theft, they combined them into a few clusters that made it easier to connect their ownership to one origin.

Chainalysis also found that the North Korean cybercriminals stole nearly $400 million in crypto just in 2021. After attacking investment firms and digital asset exchanges, the bad actors have seized the funds.

Bitcoin was responsible for 20% of the loot, while Ether accounted more than half with 58%. Rest 22% belonged other altcoins or ERC-20 tokens.

Crypto Fuels Missile Programs

Despite numerous US sanctions, North Korea continues to work on its nuclear weapons, despite the many warnings. The United Nations (UN), which had earlier this month accused North Korea of funding its missile trials using stolen digital assets, has reacted.

According to the organization, North Korea conducted nine nuclear tests in January alone. This is the most number of such tests in the nation’s weaponry history.

The UN reported that the DPRK had demonstrated greater capabilities for rapid deployment, large mobility (including at sea), as well as improved resilience of its missile force forces.

However, Russia and China refused to sign the statement accusing North Koreas of launching such programmes.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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