Cryptocurrencies Report: North Korea stole € 350 million worth of cryptocurrency last year through hacker attacks

North Korea is suspected of circumventing sanctions through illegally acquired cryptocurrencies.

North Korea backed by hackers, nearly $ 400 million, or about $ 350 million, of virtual currency was stolen from cryptocurrency trading platforms last year, according to a report by blockchain analysis firm Chainanalysis.

Report by trading platforms were subjected to at least seven North Korean-backed hacker attacks. By 2020, there had been four attacks. The value of stolen cryptocurrencies was 40 percent higher than last year.

“When North Korea got its hands on it, it embarked on a careful washing operation to cover up its tracks and redeem the money,” the report said.

The matter was reported by, among others, the British Broadcasting Corporation BBC and the news agency Reuters.

UN experts monitoring North Korea’s sanctions have said the country is using stolen funds to circumvent sanctions to support its nuclear and missile programs.

In its report, Chainanalysis does not cover all the targets of last year’s attacks. However, it reveals that it involves mainly investment companies and sites focused on cryptocurrency trading, such as Liquid.com. The service provider said in August that someone had unauthorized access to some of the company’s cryptocouples.

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United States has imposed sanctions on the North Korean hacker group Lazarus Group. The group is suspected of being responsible for at least some of last year’s attacks. The Wannacry blackmail malware, which became widespread in 2017, was also the handwriting of the group.

According to Reuters, the United States last year accused three programmers working for North Korea’s intelligence service of a years-long hacking plan aimed at stealing more than $ 1.3 billion in money and cryptocurrency from companies in various industries from banks to movie studios.

North Korea has not responded to media inquiries, but the state has previously denied the hacking allegations in its statements.

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