North Korean hackers took $400 million in crypto theft in 2021

North Korean hackers took $400 million in crypto theft in 2021 as per a report by Chainalysis. Let’s find out more about this.

Introduction

North Korean hackers took close to $400 million worth of digital assets in at least seven separate attacks on crypto platforms in 2021. The information is by the famous Crypto analysis company Chainalysis, in a report about Cryptocurrency related cyber attacks.

Chainalysis revealed that 2021 has been one of best years for North Korean hackers. These hackers have mostly conducted these nefarious activities on vulnerable investment firms and centralised exchanges.

North Korea : A tech Supervillain

North Korea as always, has denied any involvement with these hackers. However, it’s worth noting that North Korea a really poor country doesn’t has public internet access. Statistics prove that less almost negligible population of North Korea is on the internet. The estimates are so low that North Korea is last in the internet penetration list. North Korea has 0% internet penetration rate as of January 2021.

North Korea is speculated to be behind these attacks. Additionally, it is not logical that a country with virtually no access to internet has such trained individuals that can perform such elaborate hacking operations. Security experts say that the country has developed a super army of state sponsored hackers that perform hacks for the country.

The report also revealed that “From 2020 to 2021, the number of North Korean-linked hacks jumped from four to seven, and the value extracted from these hacks grew by 40%.”

The hackers employ many different techniques. Such as phishing frauds, code exploits and malware to extract money from the firms. The hot wallets are connected to the web, and hence is susceptible to hacks. These funds that were stolen by these hackers were then channelled to North Korean owned addressed, as per Chainalysis.

Cold Wallets a remedy for great distress

We’ve talked about cold wallets in the past. Cold wallet are the answer of various problems related to Crypto threat. Experts suggest that when the frequency of trade is not daily and the trade is in bulk, cold wallet is the best choice for the safety of one’s assets.

More info about the North Korean Hackers

The analysis website also said that many of 2021 attacks were by the Lazarus Group. The Lazarus group is speculated to be under the control of the Reconnaissance General Bureau, North Korea’s primary intelligence bureau.

The Group has also faced accusations of being involved in the world famous ‘WannaCry’ ransomware attack. This global scale attack preyed on international banks and customer accounts. Also, Sony Pictures became the victim of this attack in 2014.

The report added that “Once North Korea gained custody of the funds, they began a careful laundering process to cover up and cash out.”

Conclusion

North Korean hackers took $400 million in crypto theft in 2021 as per a report by Chainalysis. Crypto theft is a huge concern for the crypto industry. There’s a need for more secure measures to stop hackers from taking undue advantages of vulnerabilities in the network. One such way to avoid risking your Crypto holding is with the help of a Cold Wallet, you can read more about them by clicking this link.

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