Cryptohack Roundup: North Korea Steals Bulk of Crypto So Far
North Korean hackers were responsible for 76% of all crypto losses during the first four months of this year, stealing $577 million through two major attacks. The country's hackers use stolen cryptocurrency to fund the development of weapons of mass destruction and inject hard currency into its economy.
North Korean hackers stole $577 million in cryptocurrency through two major attacks in April, accounting for 76% of all crypto losses during the first four months of this year. The attacks targeted Drift Protocol and KelpDAO, stealing $285 million and $292 million respectively. TRM Labs reported that North Korea's hackers use stolen cryptocurrency to fund the development of weapons of mass destruction and inject hard currency into its economy. The money laundering strategies behind the hacks diverged, with the Drift Protocol hackers following a well-documented North Korean pattern and KelpDAO hackers funneling stolen funds to Chinese criminal intermediaries. The KelpDAO hackers used a bitcoin wallet controlled by a Chinese crypto broker indicted by U.S. federal prosecutors in 2023. The THORChain protocol was also used to launder funds.
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