North Korea made ‘$400m’ in cryptocurrency heists last year

Thieves operating for the North Korean government made off with almost $400m in digicash last year in a concerted attack to steal and launder as much currency as they could.

A report from blockchain biz Chainalysis found that attackers were going after investment houses and currency exchanges in a bid to purloin funds and send them back to the Glorious Leader’s coffers. They then use mixing software to make masses of micropayments to new wallets, before consolidating them all again into a new account and moving the funds.

Bitcoin used to be a top target but Ether is now the most stolen currency, say the researchers, accounting for 58 per cent of the funds filched. Bitcoin accounted for just 20 per cent, a fall of more than 50 per cent since 2019 – although part of the reason might be that they are now so valuable people are taking more care with them.

Source: North Korea made ‘$400m’ in cryptocurrency heists last year • The Register

Organisational Structures | Technology and Science | Military, IT and Lifestyle consultancy | Social, Broadcast & Cross Media | Flying aircraft