North Korean Hackers Steal $1 Billion in Ethereum
North Korean hackers recently made headlines for stealing a whopping $1 billion in Ethereum from the Upbit cryptocurrency exchange, according to South Korean police reports. This theft, initially valued at $41.5 million, has skyrocketed in worth due to market increases. The unique part about this incident is that it’s the first time a South Korean investigative body has directly linked such a massive cryptocurrency theft to North Korea.
The investigation into this cybercrime involved some serious digital detective work, including blockchain analysis and tracking IP addresses. They even spotted the use of North Korean vocabulary in the malware that was deployed. The FBI also lent a hand to this global investigation. The stolen Ethereum was cleverly laundered through various channels, with 57% of it converted into Bitcoin at discounted rates through North Korean-operated exchanges.
The rest of the stolen funds were spread out across 51 international exchanges, making it quite challenging to trace. However, after years of legal efforts, South Korean authorities, with help from Swiss prosecutors, managed to recover around 4.8 Bitcoin valued at 600 million won today from a Swiss exchange.
The Lazarus Group is the main suspect in this cybercrime, a well-known cyber organization linked to the North Korean government. They have been carrying out various cyber activities since at least 2009, fueling North Korea’s nuclear and weapons programs through illicit means. Andariel, a subdivision of Lazarus, specifically targets financial institutions, like banks, ATMs, and cryptocurrency platforms.
These findings from the South Korean police expose the sophisticated and persistent nature of North Korea’s cybercrime efforts. It showcases the urgent need for global cooperation to combat such threats effectively.
