{"id":13899,"date":"2022-09-09T00:36:28","date_gmt":"2022-09-09T00:36:28","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/us-seizes-cryptocurrency-worth-30-million-from-north-korean-hackers-featured-bitcoin-news\/"},"modified":"2022-09-09T00:36:28","modified_gmt":"2022-09-09T00:36:28","slug":"us-seizes-cryptocurrency-worth-30-million-from-north-korean-hackers-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/us-seizes-cryptocurrency-worth-30-million-from-north-korean-hackers-featured-bitcoin-news\/","title":{"rendered":"US Seizes Cryptocurrency Worth $30 Million From North Korean Hackers \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Blockchain data analytics firm Chainalysis has revealed that U.S. authorities have seized cryptocurrency worth $30 million from North Korean hackers. \u201cThis marks the first time ever that cryptocurrency stolen by a North Korean hacking group has been seized, and we\u2019re confident it won\u2019t be the last,\u201d the firm\u2019s director of investigations said. <\/strong><\/p>\n

$30 Million in Seized Crypto Linked to North Korea<\/h2>\n

Erin Plante, a senior director of investigations at blockchain data analytics firm Chainalysis, revealed Thursday at the Axiecon event that authorities have seized millions of dollars in cryptocurrency from North Korean hackers.<\/p>\n

\u201cWith the help of law enforcement and leading organizations in the cryptocurrency industry,\u201d she said:<\/p>\n

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More than $30 million worth of cryptocurrency stolen by North Korean-linked hackers has been seized.<\/p>\n<\/blockquote>\n

\u201cThis marks the first time ever that cryptocurrency stolen by a North Korean hacking group has been seized, and we\u2019re confident it won\u2019t be the last,\u201d the director emphasized.<\/p>\n

\u201cThe seizures represent approximately 10% of the total funds stolen from Axie Infinity (accounting for price differences between time stolen and seized),\u201d Plante described, noting that Chainalysis played a role in the seizures by utilizing \u201cadvanced tracing techniques to follow stolen funds to cash out points and liaising with law enforcement and industry players to quickly freeze funds.\u201d<\/p>\n

More than $600 million from Ronin Network, a sidechain built for the play-to-earn game Axie Infinity, were stolen in March<\/a>. Chainalysis explained that North Korea-linked hacking elite Lazarus Group gained access to five of the nine private keys held by transaction validators for Ronin Network\u2019s cross-chain bridge.<\/p>\n

The hackers then initiated two withdrawal transactions: one for 173,600 ether (ETH<\/a>) and the other for 25.5 million USD Coin (USDC), the firm detailed, noting that the North Korea-linked group laundered these funds using \u201cover 12,000 different crypto addresses to-date.\u201d<\/p>\n

The stolen ETH<\/a> coins were mixed in batches using the popular mixing service Tornado Cash, Chainalysis continued. However, following the sanction of Tornado Cash<\/a> by the U.S. Treasury\u2019s Office of Foreign Assets Control (OFAC), \u201cLazarus Group has moved away from the popular Ethereum mixer, instead leveraging defi [decentralized finance] services to chain hop, or switch between several different kinds of cryptocurrencies in a single transaction,\u201d the blockchain data analytics firm explained.<\/p>\n

The director of investigations noted that \u201cOne of the most troubling trends in crypto crime right now is the stunning rise in funds stolen from defi protocols, and in particular cross-chain bridges,\u201d elaborating:<\/p>\n

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We estimate that so far in 2022, North Korea-linked groups have stolen approximately $1 billion of cryptocurrency from defi protocols.<\/p>\n<\/blockquote>\n

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Chainalysis<\/a>, crypto seized<\/a>, Lazarus Group<\/a>, Lazarus Group crypto<\/a>, Lazarus Group crypto seized<\/a>, Lazarus Group cryptocurrency<\/a>, Lazarus Group hackers<\/a>, north korea<\/a>, north korea-linked hackers<\/a>, north korean hackers<\/a>, seize crypto<\/a><\/div>\n<\/div>\n

What do you think about the amount of cryptocurrency seized from North Korean hackers? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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