North Korea steals $400m cryptocurrency through Cyber Attacks

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North Korea, the nation that is being led by Kim Jong UN is back into news headlines for stealing cryptocurrency worth millions through cyber attacks. According to the analysis made by chainalysis, a blockchain firm, the said nation stole $400m worth of cryptocurrency last year by launching digital attacks on various cryptocurrency platforms and by targeting centralized exchange service providers along with Bitcoins lending platforms.

Democratic People’s Korea used all sorts of attacks, including phishing, code exploits, spying malware and other means of social engineering attacks to siphon funds that might be used to fulfill the nuclear and economic dreams of their respective leader.

Out of all the hacking groups, most of the funds steal was done by the state funded Lazarus Group aka APT38, a cyber arm filled with hackers trained and launched at adversaries by Reconnaissance General Bureau.

Interestingly, while Bitcoin represented only 20% of the stolen funds, Ether stands at the top position by occupying 58% from the stolen funds.

On the other hand, a South Korean media outlet ‘Newsis’ claims that the total digital fund steal that took place during the 10 years of Kim Jong Un regime is $2.3 billion out of which half of the said amount was stolen in the past 2-3 years.

Bloomberg added fuel to this claim by publishing an article that claims that the Kim led country is developing its military technology by the funds stolen from financial transactions worth $2 billion every month. And that is being done by breaching the network of inter-bank financial telecom network of different countries that allow Dollar, Euro and Pound as fiat currency.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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