A market intelligence firm says hackers from North Korea are using Russian crypto exchanges known to launder money to move stolen digital assets.
In a new blog post, crypto analytics platform Chainalysis says on-chain data shows hacking groups linked to North Korea are using Russian crypto exchanges to launder funds stolen earlier this year from the decentralized app’s operation. project Harmony (ONE).
“In the aftermath of a historic arms meeting between Kim Jung-un and Vladimir Putin, on-chain data reveals disturbing information: Democratic People’s Republic of Korea (DPRK)-linked hacking groups are increasing their use of Russia-based exchanges known to launder illegal crypto -assets.
The development comes as independent sanctions monitors are raising alarms about North Korea’s evolving cyberwarfare tactics. A forthcoming United Nations report warns that North Korea is using increasingly sophisticated cyberattacks to fund its nuclear missile programs, with “state-sponsored” hacking groups targeting cryptocurrency and financial exchanges worldwide.
Chainalysis data shows that $21.9 million in cryptocurrency stolen from the Harmony Protocol was recently transferred to a Russia-based exchange known for processing illegal transactions.
Additionally, Chainalysis has evidence showing that North Korean entities have been using Russian services, including this exchange, for money laundering since 2021. This latest action marks a significant escalation in the partnership between the cyber underworlds of these two countries.”
Chainalysis data also shows that North Korean hacking groups have been less productive in 2023 than last year. However, the crypto analytics company notes that they posted “catastrophically high” numbers in 2022.
“According to data from Chainalysis, the value of stolen cryptocurrency associated with North Korean groups currently stands at more than $340.4 million this year, compared to more than $1.65 billion in stolen funds reported in 2022.
While North Korea-linked hackers are on track to steal far less cryptocurrency than last year, it is important to recognize that 2022’s catastrophically high numbers have set an unusually high bar to surpass.”
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