North Korean hackers stole $400 million in cryptocurrency last year — they're in no rush to cash out

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The United Nations said previously that North Korea uses stolen funds to circumvent sanctions and to support its nuclear and ballistic missile programs.

Kim Won Jin/AFP/Getty ImagesEther accounted for about 60% of the funds stolen in 2021.

Many of these attacks were likely carried out by the Lazarus Group linked to the WannaCry ransomware attack.North Korea stole nearly $400 million worth in cryptocurrency in 2021, making it a"banner year" for the country's cybercriminals, according to blockchain analysis firmThe attacks were targeted at investment firms and centralised exchanges, Chainalysis said in a report released on Thursday.

"Once North Korea gained custody of the funds, they began a careful laundering process to cover up and cash out," said the report. After dipping in 2019, the number of North Korean-linked hacks grew in 2020 and 2021, with the value extracted from these hacks growing by 40%, Chainalysis noted.

 

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