North Korean Hackers Use Russian-Based Exchanges to Launder Stolen Crypto, Report
Hacking groups linked to
North Korea are increasingly using exchanges in
Russia to launder crypto,
Chainalysis revealed. The shift in their strategy, registered by the blockchain forensics firm, coincides with a drop in the value of the stolen cryptocurrency this year
in comparison with the record-breaking 2022.
The release of the report coincides with a summit of the leaders of the two sanctioned nations,
Kim Jong-un and Vladimir Putin, who met for suspected arms talks. It also comes as U.N. sanctions monitors are drawing attention to
Pyongyang’s changing tactics in cyberattacks against crypto and financial exchanges seeking to obtain funds for its nuclear weapons and missile programs.
Chainalysis provides an example with the recent transfer of cryptocurrency worth $21.9 million stolen from Harmony Protocol to a Russian exchange known for processing illicit transactions. The company also said it has evidence showing that North Korean entities have been using this platform and other services in Russia to launder money in the past couple of years.
Chainalysis data shows that the value of stolen cryptocurrency
associated with North Korean hacking groups exceeds $340.4 million so far in 2023, compared to
$1.65 billion last year.
