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- 1 North Korean Hackers Behind $41.5 Million Ethereum Heist Revealed by South Korean Police
North Korean Hackers Behind $41.5 Million Ethereum Heist Revealed by South Korean Police
Investigation Confirms North Korean Military Intelligence Agency Involvement
Police Identify Hackers Responsible for 2019 Ethereum Heist
South Korean authorities announced on Thursday that an investigation has determined hackers associated with North Korea’s military intelligence agency orchestrated a major cryptocurrency theft in 2019. The heist, valued at 58 billion won ($41.5 million) at the time, targeted an Ethereum exchange, resulting in the loss of 342,000 tokens worth over 1.4 trillion won ($1 billion) today.
Laundering Through Crypto Exchanges
Stolen Assets Traced Through 51 Exchanges
According to the National Police Agency, over half of the stolen assets were laundered through three crypto exchanges established by the hackers themselves. The remaining proceeds were filtered through 51 different exchanges. The investigation relied on tracking Internet Protocol addresses and asset movements to unravel the sophisticated laundering operation.
International Collaboration and Recovery Efforts
Cooperation with U.S. FBI and UN Sanctions Monitors
The probe was conducted in collaboration with the U.S. Federal Bureau of Investigation (FBI), marking the first instance of North Korea being identified as the source of a cyberattack on a South Korean crypto exchange. Additionally, United Nations sanctions monitors have identified numerous cyberattacks attributed to North Korea targeting cryptocurrency companies.
Determined Efforts to Retrieve Stolen Assets
Successful Recovery of 4.8 Bitcoin Worth 600 Million Won
Investigators successfully traced and recovered 4.8 Bitcoin from a Swiss crypto exchange, which were returned to the Seoul-based exchange. The recovered assets are currently valued at approximately 600 million won, marking a significant achievement in the recovery process.
Denial of Involvement by North Korea
Ongoing Dismissal of Allegations Regarding Cyber Hacking
Despite mounting evidence, North Korea continues to deny involvement in cyber hacking activities and cryptocurrency heists. The latest revelations shed light on the sophisticated tactics employed by hackers linked to the North Korean military intelligence agency.
These developments underscore the importance of international cooperation in combating cyber threats and illicit activities in the cryptocurrency space.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
