Cryptocurrency Theft Worth $35 Million Is Suspected To Be The Work Of North Korean Hackers

June 7, 2023

According to CNN, North Korean hackers are said to have planned the $ 35 million theft of cryptocurrency.

These cryptocurrency hacks are believed to be a major threat and a funding source of North Korean nuclear and ballistic weaponry systems as per US officials.

According to the reports, the North Korean hackers stole cryptocurrency from accounts of customers of Atomic Wallet an Estonian based crypto wallet service provider who has 5 million users worldwide.

However, the company assures that less than 1 percent of the monthly users were affected by this hack. No specific names have been taken by Atomic Wallet on who has stolen and no amount has been disclosed.

So far, the North Korean hackers have stolen billions of US dollars from different cryptocurrency exchanges over the past years.

ZachXBT, an independent cryptocurrency scam research firm told the press that North Korean hackers are highly likely to be responsible for this 35 million dollar theft from Atomic Wallet. It is because the patterns of hacking activities are very much similar to the Harmony Funds Money Laundering dating back to January this year.

The FBI has directly blamed North Korea for the Harmony fund attack.

Now, stopping the North Korean hackers from stealing cryptocurrency and preventing money laundering has become top priority of security nationals for the currency US administration. Statistics have shown that nearly 50% of the funding of North Korean nuclear weaponry program has been done by cryptocurrency theft and hacking.

Our Thoughts

Cryptocurrencies need stringent regulations alongside creating awareness against online theft and money laundering. For this purpose ‘Crypto Travel Rule’ is a weapon of choice against the criminals as it has already regulated virtual currency in many countries.

Credits: Business Standard
Also Read: Cybercriminals in Spain used Identity Spoofing to Invest millions of Euros from Scams in Crypto