• Wed. Dec 6th, 2023

Hackers from North Korea Love Stealing Ether Coins

Jan 15, 2022

About US$ 400 Million have been stolen as hack attacks since 2019 to date wherein the perpetrators of the hack crimes were North Korean hackers. Most of these crypto funds have been stolen in Ether coins, which is currently the second most valued cryptocurrency in the world.

It looks as if North Korean hackers have a great appetite for Ether coins. This is why since 2019, they have stolen approximately more than US$ 400 Million. Most of these crypto funds were apparently in Ethereum.

Crypto hacking has become a usual norm in this day and age. When there is an attack, people are interested in knowing who the hackers were. Most of the time, the hackers are either from Russia or North Korea. However, it is the case of both the states that their names have been misused for political purposes. But according to Chainalysis, North Korean hackers have been most active in such activities since 2019. They have single-handedly stolen more than US$ 400 Million worth of Ether funds.

In 2021, there were only 20% of the hacked funds were into Bitcoins. While the majority of these looted funds i.e. approximately 58% were in Ether coins.

Chainalysis noted that most of the attacks stemming from North Korea were aimed at off-shore investment firms. At secondary, their targets were the crypto exchanges, particularly those which are centralized firms. It is alleged that North Korean hackers are backed by the North Korean Government. They have been accused of siphoning off crypto funds and giving them back to the Government for funding the South Korean nuclear program. At the same time, these funds have been used as a countermeasure against the sanctions imposed by world states against North Korea. This allegation has been specifically raised by the UN Security Council and has been part of its annual report of 2021.

For instance, “Lazarus” is a notorious group of hackers who are believed to be from North Korea. In most of the hack attacks occurring in Europe and the US, Lazarus has been found involved in them. It seems however as if Ethereum is the most preferred cryptocurrency for North Korean hackers to loot. This is why most of the funds they have laundered so far are in Ethereum.

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