The FBI has announced that North Korean hackers have stolen over $600 million in cryptocurrency in a single hack.

 The FBI has announced that North Korean hackers have stolen over $600 million in cryptocurrency in a single hack.


According to a filing from the FBI in the Northern District of California, "low-level hackers" working for the North Korean regime have stolen more than $600 million in cryptocurrency in order to fund their government.

According to a document filed by the FBI in the Northern District of California, "low-level hackers"(1) employed by the North Korean regime have stolen over $600 million in cryptocurrency in order to fund their government.

The document was filed on December 20, 2019, and alleges that the Democratic People's Republic of Korea has been using these stolen funds for a variety of purposes, including developing military hardware such as ballistic missiles and nuclear warheads.

A joint statement from the FBI, Homeland Security and Treasury Department warned that North Korea is using a network of hackers operating globally to get what they want.

The FBI and other U.S. agencies made the statement Thursday, saying no single group is responsible for the attacks, but that North Korea is using a network of hackers operating globally to get what they want. The coordinated attack on cryptocurrency exchanges and other financial institutions started in 2017, according to the FBI.

"These cyber criminals use tactics like spearphishing campaigns, watering hole domains and malicious mobile applications to gain access to victim systems," a joint statement from the FBI, Homeland Security and Treasury Department says. "North Korean actors are also adept at concealing their movements by employing techniques such as obfuscation and the use of proxy servers."

A successful attack on a cryptocurrency exchange earned North Korean hackers $250 million in April 2018, according to an indictment filed by federal prosecutors in New York on Thursday against two Chinese nationals who allegedly helped launder some of that money through China-based accounts. The Justice Department alleges 27-year-old Tian Yinyin and 26-year-old Li Jiadong conspired with North Korean hacker Park Jin Hyok over five years to hack into banks worldwide and cryptocurrency exchanges.

The document said that cryptocurrency exchanges are vulnerable because of their lack of security measures, and have been used by North Korean hackers to facilitate large-scale cyberthefts.

This makes them a lucrative target for North Korea.

"Cryptocurrency exchanges are vulnerable because of their lack of security measures, and have been used by North Korean hackers to facilitate large-scale cyberthefts," the report said.

In 2018, cryptocurrency exchanges lost $882 million in hacks, according to CipherTrace research.

In 2018, cryptocurrency exchanges lost $882 million in hacks, according to CipherTrace research. CipherTrace is a cybersecurity firm that specializes in blockchain analytics. The firm's latest report found that most of the losses came from a hack of a Japanese exchange called Coincheck. In January 2018, hackers stole more than 500 million NEM tokens, worth about $530 million at the time.

CipherTrace also identified North Korean cryptocurrency theft as a significant issue in its report: "North Korea’s Lazarus Group has generated an estimated $571 million from five successful crypto exchange hacks and numerous other attempted hacks," the report said.

Cryptocurrency investors should be aware that there are risks inherent in investing in digital currencies like Bitcoin and Ethereum, but it is possible to mitigate those risks by taking steps to protect your investments and your identity when buying or selling cryptocurrencies online or through exchanges.

The FBI says it believes North Korea has been behind some large-scale attacks recently.

Be careful. The FBI says it believes North Korea has been behind some large-scale attacks recently, and the bureau is continuing to investigate.

Among them is an attack in which thieves stole more than $600 million worth of cryptocurrency from a South Korean exchange, Coindesk reported. That’s one of the biggest cryptocurrency heists ever. The Justice Department laid out the details of what happened in a press release Tuesday: The hackers used a global network of computers that they controlled to hack into exchanges, steal user credentials and then use those credentials to withdraw money from accounts.

The department said it seized 280 accounts with ties to North Korea that were used to launder money stolen by Pyongyang’s government-sponsored hackers and funnel the proceeds back home. Prosecutors said the digital currency taken in those hacks was part of a broader effort by North Korea to earn money for its weapons program through elaborate schemes, including arms dealing and narcotics trafficking, as well as cyberattacks.

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