New Alleged Alliance between North Korean and Russian Cybercriminals Revealed
According to cryptocurrency analytics company Chainalysis, thereย is evidence suggesting that hackers associated with North Korea are increasingly using digitalย currency 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 countries, and as U.N. sanctions monitors highlight Pyongyangโs changing strategies in cyberattacks against cryptocurrency and financial exchanges.
Escalation in Collaboration between Cyber Underworlds
Chainalysis provides an example of a recent transfer of $21.9 Million worth of stolen digitalย currency from Harmony Protocol to a Russian exchange known for processing illicit transactions. The company likewise states that it has evidence showing North Korean entities have been using this platform and other services in Russia to launder money inย theย previous few years. This signifies an escalation in the partnership between the cyber underworlds of these two nations.
Russiaโs 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, Russiaโs digitalย currency exchanges and law enforcement agencies have a history of non-compliance, making asset recovery significantly more difficult.
Decrease in Stolen Digitalย currency but Persistent Threat
Chainalysis data outlines that the value of stolen digitalย currency associated with North Korean hacking groups has hadย moreย than $340.4 Million so far in 2023, compared to $1.65 Billion aย yearย ago. Nonetheless, the analytics firm predicts that these groups will likely steal less digitalย currency 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 digitalย currency stolen through hacks in 2023.
Hot Take: North Korea and Russiaโs Growing Cybercriminal Collaboration
A recent report by Chainalysis indicates a growing alliance between cybercriminals from North Korea and Russia. The data impliesย that hackers associated with North Korea are increasingly using Russian digitalย currency exchanges to launder illicit digital assets. This partnership has escalated significantly, posing challenges for international efforts in asset recovery. Despiteย theย factย that the value of stolen digitalย currency associated with North Korean hacking groups hasย dropped compared to aย yearย ago, DPRK remains one of the largest threats in the cybercrime landscape. This revelation outlines the need for continued vigilance and collaborative efforts to combat this persistent threat.
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