2021 was therefore one of the most successful years for cyber criminals, says research agency Chainalysis in a new report. The number of hacks almost doubled from four to at least seven and the revenue increased by 40 percent.
By exploiting vulnerabilities in software, malware and phishing emails, among other things, the hackers managed to divert money from the digital wallets of their victims, including investment companies. The cryptocurrencies were then carefully laundered so that they could no longer be traced and converted into hard currency, the researchers write.
‘Strategy for the long term’
Chainalysis researchers also located $170 million worth of cryptocurrencies captured in 49 hacks conducted between 2017 and 2021. The fact that the North Koreans are still in possession of these coins suggests the country has a long-term strategy, the researchers said. “It suggests a careful and not a desperate and impulsive plan,” the report said.
According to the United Nations, North Korea is using cyber-attacks as a means of evading international sanctions imposed on the country. With the proceeds, it would fund its nuclear and weapons program.
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