Hackers associated with North Korea have taken cyber theft to a record-breaking level in 2024, stealing $1.8 billion in cryptocurrency. According to a detailed report by blockchain analytics firm Chainalysis, this highlights the growing sophistication of these attackers and the risks they pose to international security, particularly in the United States. Here’s a simpler, step-by-step explanation of the issue.
In 2024, more than half of the $3 billion taken from cryptocurrency platforms globally was attributed to North Korean hackers. The figures increased sharply from last year. In 2023, there were 20 incidents that collectively totaled $660.5 million. This year, it skyrocketed to $1.8 billion through 47 incidents.
These hackers are using increasingly advanced strategies to target and steal digital currencies, showcasing their ability to exploit vulnerabilities in cryptocurrency platforms.
How Do Hackers Launder Stolen Cryptocurrency?
After stealing funds, the hackers use complex methods to hide the origins of the money. Some common techniques include:
1. Financial Platforms: They give the user options to make anonymous transactions, making traceability difficult
2. Crypto Mixing Services: they mix a stolen amount of money with actual money, hiding the source from which it comes
3. Mining Services: Hackers prefer mining because this is the
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