Korean hackers reportedly stole $ 400 million worth of cryptocurrency last year

North Korean hackers reportedly snatched $ 400 million (approximately Rs 3,000 crore) worth of cryptocurrency last year through cyber attacks. This is according to the latest data from blockchain analytics firm Chanelysis.

According to the report, the attack was planned by hackers known as the Lazarus Group, led by the primary intelligence agency of the Democratic People's Republic of Korea (DPRK).

According to the report, cyber attacks from North Korea in 2021 were primarily aimed at investment institutions and centralized exchanges. Temptation strategies, code exploitation, malware, and advanced social engineering were used to extort funds. According to the report, North Korea has begun a careful process to conceal and launder the funds.

Attacks on cocaine and another unnamed cryptocurrency exchange are among the most successful hacks from the Lazarus group. Each of these is said to have saved $ 250 million. The UN Security Council estimates that the proceeds from the cyber-attacks will be used for North Korea's WMD and ballistic missile programs.

"From 2020 to 2021, the number of cyber attacks linked to North Korea increased from four to seven. The value gained from these has increased by 40 per cent, ”added Zionalysis. But North Korea has consistently denied allegations of cyber-attacks.

In addition, a recent report by Chineseology shows that cryptocurrency fraudsters stole $ 14 billion from victims in 2021. The cryptocurrency is estimated to be worth $ 7.8 billion by 2020. Fraud has risen to 79 per cent, the report said.