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U.S. DOJ Filed a Complaint Against North Korean Crypto Hackers

4y ago
bullish:

6

bearish:

1

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In July 2019, some North Korean hackers allegedly hacked two Chinese cryptocurrency exchanges, thereby stealing cryptocurrencies valued at millions of dollars.

In a civil forfeiture complaint filed by the U.S. Department of Justice, they stole cryptocurrencies and tokens valued at more than $272,000, including Proton Tokens, PlayGame tokens, and IHT Real Estate Protocol tokens.

In the months that followed, they laundered the funds via a number of intermediary addresses and other virtual currency exchanges by converting the cryptocurrency into Bitcoin, Tether, or other forms of cryptocurrency. This process called “chain hopping” is towards obfuscating the transaction path. 

Law enforcement traced the funds in spite of the advanced laundering strategies used by the actors, said the pleadings. The hackers allegedly utilized 280 different digital asset accounts to perpetrate their nefarious activities.

A similar criminal and civil action was announced five months ago relating to North Korean hackers stealing cryptocurrency valued at $250 million through other exchange hacks.

The pleadings also noted another hacking incident in September 2019 involving a firm based in the United States. The hacker involved is associated with North Korea and was able to gain access to the firm’s virtual currency wallets, funds held by the firm on other platforms, and funds held by the firm’s partners. About $2.5 million was stolen and laundered via more than 100 accounts at another virtual currency exchange.

Hence, according to Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division, these incidents reveal the current connections between North Korea’s cyber-hacking program and a Chinese cryptocurrency money laundering network.  

This case underscores the department’s ongoing commitment to counter the threat presented by North Korean cyber hackers by exposing their criminal networks and tracing and seizing their ill-gotten gains.”

The statement quoted the words of several prosecutors and investigators generally condemning the acts, as well as reiterating their commitment to curb cyber threats, make the actors pay, and bring some measure of relief to victims of nefarious cyber activities. 

The post U.S. DOJ Filed a Complaint Against North Korean Crypto Hackers appeared first on Crypto Press.

4y ago
bullish:

6

bearish:

1

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