N.Korea's Crypto Hacks Up by least 7 times in 2021, Nearly $400M Stolen: Chainalysis

blockchain.news:

North Korean hacks on the cryptocurrency platforms jumped from four to seven extracting nearly $400 million worth of digital assets over the last year, blockchain analysis firm Chainalysis said in a new report.

«From 2020 to 2021, the number of North Korean-linked hacks jumped to seven times from four, and the value extracted from these hacks grew by 40%,» the report stated, which was released on Thursday.

The total of at least seven attacks was one of the most successful years on record, according to the report.

«Once North Korea gained custody of the funds, they began a careful laundering process to cover up and cash out,» the report added.

According to a January 07, 2022, report by Blockchain.News, Crypto crimes saw a record high number last year in terms of value, Chainalysis said.

The report stated that the blockchain analysis firm reported recently that illegal addresses of criminals received $14 billion in digital currencies, up 79% from $7.8 billion in 2020. 

Illicit addresses already hold over $10 billion worth of cryptocurrencies as of early 2022, Chainalysis said.

The United Nations (UN) has accused North Korea of using these stolen funds to support its nuclear and ballistic missile programs to circumvent sanctions. Although Pyongyang does not reply to media inquiries, they have previously denied allegations of hacking.

In 2021, three of North Korea's computer programmers from the intelligence service department were charged by the UN for a massive, year-long hacking spree on companies ranging from banks to Hollywood movie studios. The trio was accused of trying to steal more than $1.3 billion in money and cryptocurrency.

In the report, Chainalysis said that North Korea's hacks were targeted primarily at