After investigating, the FBI concluded that the hack of crypto gambling site Stake was carried out by North Korean hackers Lazarus Group.
Tornado Cash Developer Roman Storm Pleads Not Guilty to Money Laundering, Other Charges
Tornado Cash developer Roman Storm pleaded “not guilty” to charges of conspiring to operate a money transmitter or facilitate money laundering and sanctions evasion in a court appearance Wednesday.
Atomic Wallet faces lawsuit over $100M crypto hack losses: Report
Plaintiffs in a new class action suit against the hacked crypto wallet Atomic Wallet say the firm didn’t share any information about the hack with clients, and didn’t report it to the police.
FBI flags 6 Bitcoin wallets linked to North Korea, urges vigilance in crypto firms
Although the likes of Lazarus Group have stolen billions of dollars worth of crypto, the public ledger technology makes it difficult for them to launder funds, as they can be tracked and frozen.
FBI Says North Korean Hackers May Try to Sell $40M of Bitcoin
North Korean hackers look set to try to sell more than $40 million of stolen bitcoin (BTC), the Federal Bureau of Investigation (FBI) said.
North Korean hackers have stolen $2B of crypto since 2018: Report
TRM Labs estimates that North Korean hackers have stolen $200 million of cryptocurrency in 2023 alone.
CoinsPaid claims North Korean hacking group used fake job interview to steal $37M
Hackers attempted to infiltrate CoinsPaid infrastructure directly starting in March 2023, but switched their approach to targeting individuals through fake high-salary job offers.
US lawmakers urge White House to address North Korea’s use of digital assets: Report
Sen. Elizabeth Warren was part of a group of lawmakers who pushed for provisions against crypto mixers and privacy coins in the National Defense Authorization Act in July.
Atomic Wallet Hackers Move Stolen Funds via OFAC-Sanctioned Exchange Garantex: Elliptic
The attackers are believed to be the infamous North Korean hacker group Lazarus, as per blockchain security firm Elliptic.
Atomic Wallet hackers turn to OFAC-sanctioned Garantex: Elliptic
Stolen loot crypto from Atomic wallets has started passing through sanctioned Russian-based exchange Garantex, according to Elliptic.
Atomic Wallet hacker sends crypto to mixer used by Lazarus Group: Elliptic
Stolen crypto from Atomic wallets is already on the move to mixers according to Elliptic.
U.S. Treasury Sanctions North Korean-Owned Binance Wallets; Says Entities Used Funds to Support WMD Programs
The Binance-hosted wallets received more than $2 million worth of various cryptocurrencies that were then sent on to North Korean entities, OFAC alleged
Japan Loses 30% Of Total Crypto Hacks In North Korea, Elliptic Reports
Japan has emerged with the highest losses worldwide from North Korean cyberattacks targeting crypto exchanges, as recent reports indicate that Japan’s financial institutions and individuals incurred approximately 30% of the total losses attributed to North Korean crypto hacking.
The Japanese government has been particularly vocal about the need for enhanced cybersecurity measures to combat these malicious activities. But despite ongoing efforts to bolster their defenses, Japanese exchanges have been a primary target, suffering substantial financial losses and tarnishing the country’s reputation as a secure hub for digital assets.
Japan’s 30% Crypto Losses
The Elliptic report from a leading blockchain analytics firm, Nikkei, reveals that Japan suffered a staggering $721 million in losses, accounting for about 30% of the total amount hacked globally.
The numbers were culled from hacks that occurred between 2017 and 2022, reaching a total amount of $2.3 billion. Notably, in 2022 alone, the digital asset ecosystem lost an estimated $640 million worth of cryptocurrency.
A Reuters report from the United Nations revealed that digital currency theft exploits in North Korea hit a new high in 2022. The report also showed that the second most-attacked nation was Vietnam, losing approximately $540 million within the same period.
The United States was the third nation on the list, and Hong Kong came out in fourth place, with $497 million and $281 million losses, respectively.
Meanwhile, the Elliptic findings shed light on the vulnerability of the Japanese cryptocurrency market, including that of the Vietnamese.
It noted that both markets have lax security measures, making it an attractive target for hackers seeking to exploit weaknesses and gain illicit access to digital assets.
The significant losses incurred by Japan reflect the growing threat posed by North Korean hacking groups, which have increasingly targeted cryptocurrency exchanges and platforms worldwide.
Notable Exploits From North Korea’s Lazarus Group
The Lazarus Group is believed to act on behalf of the North Korean regime to bypass international sanctions and fund illicit activities.
This group has orchestrated some of the most significant exploits in the cryptocurrency world, with the Ronin Bridge exploit and the Harmony Bridge hack among their audacious heists.
Related Reading: DOJ Crypto Task Force Goes After DeFi Hackers As Illicit Activity Soars
Meanwhile, North Korean hackers have also been engaging in the theft of Non-fungible tokens (NFTs). But their criminal activities didn’t stop there.
They demonstrated a remarkably sophisticated strategy for laundering their ill-gotten gains. They employed decentralized crypto mixers and finance services to launder the origins of the stolen funds, making it incredibly challenging to trace their illicit activities.
This method allowed them to convert the stolen cryptocurrency into untraceable forms, further complicating any attempts to recover the stolen assets.
Featured image from Pixabay and chart from Tradingview.com
Japan leads world in losses from North Korean crypto hacking with 30% of total: Report
An Elliptic report commissioned by Nikkei says Asian countries account for over 60% of losses to North Korean hackers and ransomware users; lax security played a role.
US strips Ethereum dev Virgil Griffith of export privileges for 10 years
The export privilege ban comes from Griffith’s conviction and further impacts his involvement in international trade and transactions.
Binance Official Says Exchange Has Ousted North Koreans
“They recognized Binance was not the place for them,” said Tigran Gambaryan, head of financial crime compliance at Binance.
OFAC sanctions OTC traders who converted crypto for North Korea’s Lazarus group
U.S. law enforcement has identified three individuals who handled stolen crypto and fiat for the benefit of North Korea.
U.S. Sanctions 3 North Koreans for Supporting Hacking Group Known for Crypto Thefts
The U.S. Treasury Department’s sanctions watchdog banned three North Korean individuals for supporting the Lazarus Group, a North Korean hacking team known for crypto thefts.
North Korea and criminals are using DeFi services for money laundering — US Treasury
Despite the warnings on DeFi, Treasury noted that “most money laundering, terrorist financing, and proliferation financing” occurred using fiat or outside the crypto ecosystem.
Massive supply chain attack targeting small number of crypto companies: Kaspersky
Crowdstrike and Kaspersky found an infection in a communications app that delivered a backdoor, but deployed it only a few times.