New Alleged Alliance between North Korean and Russian Cybercriminals Revealed
According to crypto analytics company Chainalysis, there is evidence suggesting that hackers associated with North Korea are increasingly using cryptocurrency exchanges based in Russia to launder illicit digital assets. The release of the report coincides with a summit between Kim Jong-un and Vladimir Putin, the leaders of the two sanctioned nations, and as U.N. sanctions monitors highlight Pyongyang’s changing tactics in cyberattacks against crypto and financial exchanges.
Escalation in Collaboration between Cyber Underworlds
Chainalysis provides an example of a recent transfer of $21.9 million worth of stolen cryptocurrency from Harmony Protocol to a Russian exchange known for processing illicit transactions. The company also states that it has evidence showing North Korean entities have been using this platform and other services in Russia to launder money over the past few years. This signifies an escalation in the partnership between the cyber underworlds of these two nations.
Russia’s Non-Compliance Poses Challenges
The authors of the report note that while mainstream centralized exchanges previously used by DPRK hackers usually cooperate with international efforts, Russia’s cryptocurrency exchanges and law enforcement agencies have a history of non-compliance, making asset recovery significantly more difficult.
Decrease in Stolen Cryptocurrency but Persistent Threat
Chainalysis data reveals that the value of stolen cryptocurrency associated with North Korean hacking groups has exceeded $340.4 million so far in 2023, compared to $1.65 billion last year. However, the analytics firm predicts that these groups will likely steal less cryptocurrency this year compared to 2022 when figures were exceptionally high. Nevertheless, DPRK remains one of the largest active threats in the cybercrime landscape, accounting for 29.7% of cryptocurrency stolen through hacks in 2023.
Hot Take: North Korea and Russia’s Growing Cybercriminal Collaboration
A recent report by Chainalysis indicates a growing alliance between cybercriminals from North Korea and Russia. The data suggests that hackers associated with North Korea are increasingly using Russian cryptocurrency exchanges to launder illicit digital assets. This partnership has escalated significantly, posing challenges for international efforts in asset recovery. Although the value of stolen cryptocurrency associated with North Korean hacking groups has decreased compared to last year, DPRK remains one of the largest threats in the cybercrime landscape. This revelation highlights the need for continued vigilance and collaborative efforts to combat this persistent threat.
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