North Korean Hackers Forge Partnership with Russia, Posing Challenges for Countering Cyber Attacks
According to a report by blockchain data platform Chainalysis, North Korean hackers have formed a stronger alliance with Russia, making it more difficult to combat their activities. The report reveals that these hackers stole $340.4 million from crypto companies and platforms up until September 14 this year, representing an 80% drop compared to the record-breaking $1.65 billion stolen in 2022.
However, despite the decrease in successful hacks, Chainalysis warns that the world is not safer and the North Korean hackers remain active. The emerging partnership between North Korea and Russia is a concerning development. Chainalysis points out that Russia’s uncooperative stance towards international law enforcement efforts reduces the chances of recovering stolen funds sent to Russian exchanges.
North Korean Hackers Account for Over 30% of Crypto Hacks
In 2023, North Korean hackers were responsible for more than 30% of all cryptocurrency hacks, making them one of the most significant threats in the cybercrime landscape. Out of the $340 million lost this year, over $290 million was lost in the past three months through five different attacks. Recently, North Korea’s Lazarus group stole approximately $41 million from crypto betting site Stake.com and an additional $56 million from CoinEx, a crypto exchange.
Russia as a Money Laundering Hub
Chainalysis reports that $21.9 million of the $100 million lost by Harmony Protocol due to an exploit orchestrated by North Korean hackers was transferred to a Russia-based exchange known for processing illicit transactions.
Chainaanalysis notes that $21.9 million worth of cryptocurrency stolen from Harmony Protocol by North Korean hackers was recently transferred to a Russian exchange. North Korean entities have been using Russian services since 2021 for money laundering. Russia’s uncooperative…
— Wu Blockchain (@WuBlockchain) September 15, 2023
Hot Take: Collaboration between North Korean Hackers and Russia Poses a Global Challenge
The alliance between North Korean hackers and Russia presents a formidable challenge for countering cyber attacks. Despite a decrease in successful hacks, the North Korean hackers are still responsible for a significant portion of crypto thefts. The recent drop in stolen funds does not indicate improved safety; rather, it highlights the emerging partnership with Russia as a cause for concern. With Russia’s history of non-compliance with international law enforcement efforts, recovering stolen assets sent to Russian exchanges becomes increasingly unlikely. The world remains at risk, and unless action is taken, we are only one major hack away from surpassing the billion-dollar threshold for stolen funds in 2023.
By
By
By