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Accusations Point To North Korea Having Hacked A Lot Of Crypto In 2021

Accusations Point To North Korea Having Hacked A Lot Of Crypto In 2021

It's likely that one group was behind the majority of the attacks.

A report from cryptocurrency investigation company Chainalysis has concluded that the majority of cryptocurrency hacks last year originated from North Korea, and as the cherry on the top of this cake, the United Nations security council is sure that their gains go straight to the support of the country's weapons of mass destruction and ballistic missile programs. Fabulous.

When I was a spring chicken, this was not the future that I envisioned. My drawings featured me (obviously) in a gorgeous apartment with an expensive view and lots of space for my dogs to exercise. I live with my equally gorgeous boyfriend and he has a Jeep. Today, I am awash with Tweets about cryptocurrency and NFTs, and those who are in favour of these things are simply not doing a decent enough job to convince me when stories like this hit the headlines.

Right, we're only 100 words into this article and there's been much too much doom and gloom for our Monday afternoon. Take a pew and enjoy our compilation of fantastic wins and fails from Skyrim as a palate cleanser!

"North Korean cybercriminals had a banner year in 2021, launching at least seven attacks on cryptocurrency platforms that extracted nearly $400 million worth of digital assets last year," reads the introduction to the report, adding that their targets were predominantly investment firms and centralised exchanges. Comparing 2020 and 2021, these hackers pulled 40% more profit this time and over half of the stolen cryptocurrencies was Ether, followed by Bitcoin, with Ethereum based coins comprising the rest.

Once the cryptocurrency has been successfully lifted, it is then laundered to other fiat currencies and wallets, transformed into actual currencies, then, according to the United Nations, used on the development of weapons of mass destruction and ballistic missile programs in North Korea. The primary culprit is said to be the Lazarus Group who is considered to be one of the "advanced persistent threats" from the country on global cyber security. Though, you might recall the name from the fact that this is the same group that tried to stop The Interview from being released by hacking Sony Pictures and leaking confidential data in 2014.

Yet, it isn't all bad news. Somehow. "With blockchain analysis tools, compliance teams, criminal investigators, hack victims can follow the movement of stolen funds, jump on opportunities to freeze or seize assets, and hold bad actors accountable for their crimes," affirmed Chainalysis. I'm still not going to buy crypto, though.

Featured Image Credit: Jeremy Bezanger via Unsplash, Kanchara via Unsplash

Topics: Cryptocurrency