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A market intelligence firm has revealed that hackers from North Korea are using Russian cryptocurrency exchanges, known for money laundering, to move stolen digital assets.

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According to crypto analytics platform Chainalysis, on-chain data shows that hacking groups connected to North Korea have been utilizing Russian crypto exchanges to launder funds stolen from the exploitation of the decentralized app project Harmony (ONE) earlier this year.

This concerning development comes amid growing concerns about North Korea’s evolving tactics in cyber warfare. The United Nations warns that North Korea is employing increasingly sophisticated cyberattacks to finance its nuclear missile programs. These “state-sponsored” hacking groups are targeting cryptocurrency and financial exchanges worldwide.

Chainalysis data reveals that approximately $21.9 million in cryptocurrency stolen from Harmony Protocol was recently transferred to a Russia-based exchange with a reputation for handling illicit transactions.

Chainalysis also has evidence indicating that North Korean entities have been using Russian services, including this exchange, for money laundering since 2021. This recent activity marks a significant escalation in the collaboration between the cyber activities of these two nations.

Decline in Hacking Activity

Although North Korean hacking groups have been less active in 2023 compared to the previous year, Chainalysis notes that their activities in 2022 were exceptionally high. The value of stolen cryptocurrency associated with North Korean groups in 2023 is estimated at over $340.4 million, a decrease from the reported over $1.65 billion in stolen funds in 2022.

Source: Chainalysis

However, it’s important to consider that the exceptionally high figures from 2022 set a challenging benchmark to surpass.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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