While the global crypto market has continued to grow in adoption, the infiltration of bad actors has appeared to be inevitable. One of the prominent ones which is the North Korean hackers is now said to have stolen over $1 billion from the crypto industry.
According to an annual report from the United States Security Council, North Korean hackers have stolen virtual assets ranging between $630 million to more than $1 billion – a sum that is double the amount that was stolen in 2021.
Preying On The Crypto Market
With North Korean hackers preying on the crypto market while taking advantage of every little loophole discovered, the report noted, these bad actors carry out these crypto crimes via advanced scopes and techniques.
The panel stated in the report:
The country used increasingly sophisticated cybertechniques both to gain access to digital networks involved in cyberfinance and to steal information of potential value, including its weapons programs.
Though crypto hacks can sometimes be tracked depending on how careful or the prints the hackers left behind, however, according to the report, the basic cryptocurrency and blockchain features make it more difficult to track.
Related Reading: North Korean Hacker Attempts To Phish Euler Finance Exploiter Via Encrypted Message
“Illicitly obtained virtual assets are protected by both the anonymity of the blockchain and the intentional obfuscation of the passage of assets through cryptocurrency exchanges,” the report added.
Total Crypto Hack Stolen In Crypto By North Korean Hackers. | Source: Chainalysis
At the end of the note, the report encouraged member countries to heed guidelines from th
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Author: Samuel Edyme
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