It was observed that the majority of North Korean hackers are using Russian cryptocurrency exchanges to launder their stolen cryptocurrencies, as reported by Chainalysis. In the last five years, North Korean hackers have stolen a staggering $2 billion worth of cryptocurrency, and alone in 2023, these groups had stolen a significant $200 million worth of cryptocurrency.
Recently, North Korean hackers transferred over $21 million worth of stolen cryptocurrency from Harmony Bridge to the Russian exchange, which is known for facilitating illicit financial flows, as stated by the on-chain analytics firm.
Additionally, the Chainalysis post also highlights that since 2021, North Korean hackers have continuously used Russian exchanges for money laundering activities. This action represents a collaborative step between these two countries. Although North Korean hackers were less active in 2023 compared to 2022 when they managed to steal $1.7 billion, this year, they have still stolen around $340.4 million worth of cryptocurrency.
In 2022, North Korea-linked hackers stole a significant amount of cryptocurrency, setting a high benchmark. While they are stealing less this year, it still poses a significant threat.
Recently, the Lazarus Group, a notorious North Korean cybercriminal organization, targeted the CoinEx exchange and took around $55 million in crypto assets. They were exposed when their address matched those used in previous hacks on Stake and Optimism. This highlights the ongoing danger posed by North Korean hackers in the cryptocurrency world.
Although a recent UN report has also raised concerns about North Korean hackers and their activities, independent monitors who report to the UN Security Council have highlighted North Korea’s use of cyber theft to bypass sanctions and fund its nuclear programs.
In early August, a UN study pointed to cryptocurrency theft as one of the methods North Korea employs to bypass sanctions and support its nuclear weapons development. The upcoming UN document warns about North Korean state-sponsored hacking groups that are actively targeting cryptocurrency and financial exchanges worldwide.
According to the monitors’ report to the UN Security Council, North Korea has continued to access the international financial system and has been involved in illicit financial operations. Notably, they have targeted companies in various sectors, including cryptocurrency, defense, energy, and healthcare.
