North Korean Hackers Steal $100 Million in Cryptocurrency: What You Need to Know

04/10/2023 17:55 • NFT Newsflash • 120 views

According to reports, the Federal Bureau of Investigation has accused hackers associated with the North Korean government of stealing $100 million in cryptocurrency from a California based company last June. According to a statement from the US Federal Bureau of Investigation, North Korean agents this month cleared more than 60 million dollars stolen during a June hacking attack. The bureau stated that a “portion” of the $60 million has been frozen, but did not specify how much has been frozen.

The FBI accuses North Korea of robbing $100 million in cryptocurrency

In June of last year, a California-based company fell victim to a massive hacking attack perpetrated by cybercriminals associated with the North Korean government. The hackers made off with an estimated $100 million in cryptocurrency, becoming one of the biggest heists of its kind in history.
According to recent reports, however, the Federal Bureau of Investigation (FBI) has been able to recover some of this stolen cryptocurrency after North Korean agents were found to be clearing more than $60 million this month. While this is certainly a win for the authorities, the fact remains that North Korea continues to pose a serious threat to the global economy and the security of digital assets.

The Scope of the Attack

So how did this attack play out, and what are the implications for the future of cybersecurity? Let’s take a closer look at what happened and what it means for companies and consumers alike.
In June of 2018, cybercriminals gained access to the computer systems of a California-based cryptocurrency company, which has not been named publicly. They leveraged a variety of attack vectors, including phishing emails, compromised employee accounts, and system exploits to gain entry to the company’s digital wallet, which contained a substantial amount of cryptocurrency.
Once inside, the attackers were able to transfer the $100 million in funds to various other wallets, making it difficult to trace and recover the stolen assets. Over the course of several months, law enforcement agencies around the world worked tirelessly to identify the attackers and halt further movement of the funds.

The Role of North Korean Hackers

As it turns out, the FBI has identified the hackers behind the attack as being associated with the North Korean government. This is not the first time that North Korea has been implicated in major cybercrime, as the country has a long history of using hacking as a tool of espionage and theft.
In this case, the North Korean hackers were likely acting as part of a broader effort to finance the country’s nuclear weapons program, which has been heavily sanctioned by the international community. By stealing cryptocurrency from foreign companies and individuals, North Korea can circumvent these sanctions and continue to fund its military efforts.

The Recovery Efforts

Despite the challenges of tracing and recovering cryptocurrency, law enforcement agencies were eventually able to identify some of the wallets associated with the stolen funds. This culminated in the FBI working with various cryptocurrency exchanges to freeze a “portion” of more than $60 million of the stolen cryptocurrency from being moved by the North Korean agents.
This is a significant victory for the authorities, as it sends a message that cybercriminals who steal cryptocurrency can and will be held accountable for their actions. However, it also highlights the need for greater security measures and vigilance among companies and individuals who hold digital assets.

Conclusion

The theft of $100 million in cryptocurrency by North Korean hackers is certainly a concerning development, but the recent recovery of a portion of those funds provides hope that justice can be served in these types of cases. As we move forward, however, it is clear that cybersecurity threats will continue to loom over the global economy, and companies and individuals alike must take extra measures to protect themselves.

FAQs

Q: What is cryptocurrency?

A: Cryptocurrency is a digital or virtual currency that uses encryption techniques to secure financial transactions and control the creation of new units.

Q: How does North Korea use cryptocurrency to fund its nuclear program?

A: By stealing cryptocurrency from foreign entities, North Korea can circumvent sanctions and fund its military efforts without relying on traditional financial channels.

Q: What can individuals and companies do to protect themselves from cyber attacks like this one?

A: Best practices include using strong, unique passwords for all accounts, implementing multi-factor authentication, keeping software and systems up-to-date, and avoiding suspicious emails and links.

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