E-WallStreet.com
  • Home
  • Stock Market News
  • Forex News
  • Economy News
  • Cryptocurrency News
  • Business News
  • Analysis
No Result
View All Result
  • Home
  • Stock Market News
  • Forex News
  • Economy News
  • Cryptocurrency News
  • Business News
  • Analysis
No Result
View All Result
E-WallStreet.com
No Result
View All Result

North Korean Hackers Stole $400M Worth Crypto in 2021

January 14, 2022
in Cryptocurrency News
Reading Time: 14 mins read
A A
North Korean Hackers Stole $400M Worth Crypto in 2021
ShareShareShareShareShare

North Korean hackers launched at least seven attacks on cryptocurrency exchanges in 2021, stealing around $400 million worth of digital assets, the blockchain analytics firm, Chainalysis revealed in the latest report.

The value of stolen crypto assets by these hackers jumped by 40 percent in 2021 from the prior year.

Though the report did not name all the victims of these attacks, it did mention the Japanese crypto
 
 exchange 
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term
, Liquid.com, which lost $91 million to the hackers. Additionally, the report stated that the attacks primarily targeted investment firms and centralized exchanges.

The hackers used several tactics like
 
 phishing 
Phishing

Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than technological skill, it is considered to be a social engineering attack. The most common methods for phishing are email, telephone, or text message.How to Defend Against Phishing Attacks?Every phishing attempt has a few basic things in common, which individuals need to be aware of.You should always be on the lookout for offers that are overly lucrative or too good to be true. Click-bait titles or rewards and prizes without any context are red flags.Additionally, a sense of urgency should always be approached with caution. A favorite tactic amongst cybercriminals is to ask you to act fast because the super deals are only for a limited time.Finally, individuals should always be mindful of unusual senders and questionable attachments or hyperlinks. Simply hovering over a link shows you the actual URL where you will be directed upon clicking on it. If anything seems out of the ordinary, unexpected, or simply suspicious it is best to avoid clicking on any links. In the cryptocurrency world, phishing attacks come in forms such as fake wallets that unsuspectingly collect users’ private keys.Fake exchange login pages that collect users’ login data, and fake wallet seed generators that create and then collect the regenerative phrases used to make cryptocurrency wallets.

Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than technological skill, it is considered to be a social engineering attack. The most common methods for phishing are email, telephone, or text message.How to Defend Against Phishing Attacks?Every phishing attempt has a few basic things in common, which individuals need to be aware of.You should always be on the lookout for offers that are overly lucrative or too good to be true. Click-bait titles or rewards and prizes without any context are red flags.Additionally, a sense of urgency should always be approached with caution. A favorite tactic amongst cybercriminals is to ask you to act fast because the super deals are only for a limited time.Finally, individuals should always be mindful of unusual senders and questionable attachments or hyperlinks. Simply hovering over a link shows you the actual URL where you will be directed upon clicking on it. If anything seems out of the ordinary, unexpected, or simply suspicious it is best to avoid clicking on any links. In the cryptocurrency world, phishing attacks come in forms such as fake wallets that unsuspectingly collect users’ private keys.Fake exchange login pages that collect users’ login data, and fake wallet seed generators that create and then collect the regenerative phrases used to make cryptocurrency wallets.
Read this Term
lures, code exploits, malware and advanced social engineering to gain access to the crypto exchanges.

Related content

“Once North Korea gained custody of the funds, they began a careful laundering process to cover up and cash out,” Chinalysis stated. “The growing variety of cryptocurrencies stolen has necessarily increased the complexity of DPRK’s cryptocurrency laundering operation.”

Laundering the Stolen Proceeds

The hackers usually swap the crypto tokens for Ether on decentralized exchanges (DEX) and then send them to mixers to hide their transactional history. Again, they swap the Ether for Bitcoin on DEX and send those Bitcoins to mixers before depositing them on Asia-based crypto exchanges to cash out.

“More than 65% of DPRK’s stolen funds were laundered through mixers this year, up from 42% in 2020 and 21% in 2019, suggesting that these threat actors have taken a more cautious approach with each passing year,” the report added.

In addition, the analytics company identified $170 million worth of stolen unlaundered cryptocurrency sitting ideally on North Korea-controlled wallets. These stolen cryptocurrencies were linked to 49 separate hacks spanning from 2017 to 2021.

“Whatever the reason may be, the length of time that DPRK is willing to hold on to these funds is illuminating, because it suggests a careful plan, not a desperate and hasty one,” added Chainalysis.

Meanwhile, the involvement of state-sponsored North Korean hackers attacking crypto exchanges was pointed out by a United Nations panel earlier. The state was accused of using the stolen proceeds to fund its nuclear weapons program. However, North Korea denied these allegations when releasing a statement.

North Korean hackers launched at least seven attacks on cryptocurrency exchanges in 2021, stealing around $400 million worth of digital assets, the blockchain analytics firm, Chainalysis revealed in the latest report.

The value of stolen crypto assets by these hackers jumped by 40 percent in 2021 from the prior year.

Though the report did not name all the victims of these attacks, it did mention the Japanese crypto
 
 exchange 
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term
, Liquid.com, which lost $91 million to the hackers. Additionally, the report stated that the attacks primarily targeted investment firms and centralized exchanges.

The hackers used several tactics like
 
 phishing 
Phishing

Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than technological skill, it is considered to be a social engineering attack. The most common methods for phishing are email, telephone, or text message.How to Defend Against Phishing Attacks?Every phishing attempt has a few basic things in common, which individuals need to be aware of.You should always be on the lookout for offers that are overly lucrative or too good to be true. Click-bait titles or rewards and prizes without any context are red flags.Additionally, a sense of urgency should always be approached with caution. A favorite tactic amongst cybercriminals is to ask you to act fast because the super deals are only for a limited time.Finally, individuals should always be mindful of unusual senders and questionable attachments or hyperlinks. Simply hovering over a link shows you the actual URL where you will be directed upon clicking on it. If anything seems out of the ordinary, unexpected, or simply suspicious it is best to avoid clicking on any links. In the cryptocurrency world, phishing attacks come in forms such as fake wallets that unsuspectingly collect users’ private keys.Fake exchange login pages that collect users’ login data, and fake wallet seed generators that create and then collect the regenerative phrases used to make cryptocurrency wallets.

Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than technological skill, it is considered to be a social engineering attack. The most common methods for phishing are email, telephone, or text message.How to Defend Against Phishing Attacks?Every phishing attempt has a few basic things in common, which individuals need to be aware of.You should always be on the lookout for offers that are overly lucrative or too good to be true. Click-bait titles or rewards and prizes without any context are red flags.Additionally, a sense of urgency should always be approached with caution. A favorite tactic amongst cybercriminals is to ask you to act fast because the super deals are only for a limited time.Finally, individuals should always be mindful of unusual senders and questionable attachments or hyperlinks. Simply hovering over a link shows you the actual URL where you will be directed upon clicking on it. If anything seems out of the ordinary, unexpected, or simply suspicious it is best to avoid clicking on any links. In the cryptocurrency world, phishing attacks come in forms such as fake wallets that unsuspectingly collect users’ private keys.Fake exchange login pages that collect users’ login data, and fake wallet seed generators that create and then collect the regenerative phrases used to make cryptocurrency wallets.
Read this Term
lures, code exploits, malware and advanced social engineering to gain access to the crypto exchanges.

Related content

“Once North Korea gained custody of the funds, they began a careful laundering process to cover up and cash out,” Chinalysis stated. “The growing variety of cryptocurrencies stolen has necessarily increased the complexity of DPRK’s cryptocurrency laundering operation.”

Laundering the Stolen Proceeds

The hackers usually swap the crypto tokens for Ether on decentralized exchanges (DEX) and then send them to mixers to hide their transactional history. Again, they swap the Ether for Bitcoin on DEX and send those Bitcoins to mixers before depositing them on Asia-based crypto exchanges to cash out.

“More than 65% of DPRK’s stolen funds were laundered through mixers this year, up from 42% in 2020 and 21% in 2019, suggesting that these threat actors have taken a more cautious approach with each passing year,” the report added.

In addition, the analytics company identified $170 million worth of stolen unlaundered cryptocurrency sitting ideally on North Korea-controlled wallets. These stolen cryptocurrencies were linked to 49 separate hacks spanning from 2017 to 2021.

“Whatever the reason may be, the length of time that DPRK is willing to hold on to these funds is illuminating, because it suggests a careful plan, not a desperate and hasty one,” added Chainalysis.

Meanwhile, the involvement of state-sponsored North Korean hackers attacking crypto exchanges was pointed out by a United Nations panel earlier. The state was accused of using the stolen proceeds to fund its nuclear weapons program. However, North Korea denied these allegations when releasing a statement.

You might also like

NZ Authorities Investigate Crypto Ponzi Scheme

CFTC Charges Two Men Behind $44 Million Crypto Ponzi Scheme

3 relatively small projects to watch in P2E gaming

Credit: Source link

ShareTweetSendPinShare
Previous Post

AXIA Launches Staking Program With 192% Potential Annual Yield

Next Post

Terry Smith vs Unilever: which is guilty of mayo madness?

Recommended For You

NZ Authorities Investigate Crypto Ponzi Scheme

May 23, 2022
NZ Authorities Investigate Crypto Ponzi Scheme

Crypto crimes are surging across the world as bad actors have started exploring new ways to lure investors through short-term high-return schemes. According to a report published by...

Read more

CFTC Charges Two Men Behind $44 Million Crypto Ponzi Scheme

May 23, 2022
CFTC Charges Two Men Behind $44 Million Crypto Ponzi Scheme

The United States Commodity Futures Trading Commission (CFTC) has charged two U.S. residents and their entities for running a cryptocurrency investment scheme that defrauded over 170 investors. CFTC...

Read more

3 relatively small projects to watch in P2E gaming

May 22, 2022
3 relatively small projects to watch in P2E gaming

Play to Earn or P2E is expected to see massive investments in the coming months. In fact, Andreessen Horowitz, one of the leading VC firms in crypto, has...

Read more

BTC/USD Sitting with 21% Pullback in May: Sally Ho’s Technical Analysis 23 May 2022 BTC

May 22, 2022
BTC/USD Sitting with 21% Pullback in May: Sally Ho’s Technical Analysis 23 May 2022 BTC

Bitcoin (BTC/USD) lacked significant upward pressure early in the Asian session as the pair continued to struggle, having lost approximately 21.8% month-to-date.  Strong selling pressure recently intensified around...

Read more

The Reasons Why Some Crypto Skeptics Have Not Entered the Market: Survey

May 22, 2022
The Reasons Why Some Crypto Skeptics Have Not Entered the Market: Survey

The online web platform CouponFollow conducted research among over 1,100 individuals who have not entered the crypto market to determine what is stopping them from doing so. 42%...

Read more
Next Post
Terry Smith vs Unilever: which is guilty of mayo madness?

Terry Smith vs Unilever: which is guilty of mayo madness?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Related News

GBP/USD Tests 1.3500 on Robust Data and BoE Rate Forecast

UK Inflation Hits a 40-Year High, GBP/USD Slides

May 18, 2022
The INX Digital Company Reports Growth in New Registrations for Q1 2022

The INX Digital Company Reports Growth in New Registrations for Q1 2022

May 17, 2022
HSBC banker draws fire after accusing policymakers of climate change hyperbole

HSBC banker draws fire after accusing policymakers of climate change hyperbole

May 20, 2022
7 Leading Thinner Manufacturers – Verified Market Research

7 Leading Thinner Manufacturers – Verified Market Research

May 18, 2022
GBP/USD Rallies on Positive UK Data, US Dollar Weakness

GBP/USD Rallies on Positive UK Data, US Dollar Weakness

May 20, 2022
E-WallStreet.com

e-wallstreet.com is an online news portal that aims to provide the Stock Market News, Forex News, Economy News, Cryptocurrency News, Business News, Analysis and much more stuff like that around the world.

What’s New Here!

  • 4 reasons why I would – and wouldn’t – buy Tesco shares for June
  • Joe Biden pledges to defend Taiwan militarily if China were to invade
  • NZ Authorities Investigate Crypto Ponzi Scheme
  • 3 Warren Buffett techniques to build my wealth

Subscribe Now

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2021 - e-wallstreet.com - All rights reserved!

No Result
View All Result
  • Home
  • Stock Market News
  • Forex News
  • Economy News
  • Cryptocurrency News
  • Business News
  • Analysis

© 2021 - e-wallstreet.com - All rights reserved!