Blockchain analysis company Chainalysis said it is likely that the Lazarus Group, an infamous state-sponsored cybercrime unit, was behind most of the seven digital attacks, three more than the total number identified over the preceding 12 months. The country generated 40 per cent more money from hacking last year than it did in 2020, according to the report by Chainalysis.
“Once North Korea gained custody of the funds, they began a careful laundering process to cover up and cash out,” its report said.
Although the firm did not name all the organisations targeted by Pyongyang, it found that the majority were investment firms and exchanges, including the cryptocurrency trading platform Liquid.com.
Researchers at Chainalysis also discovered £125m in unlaundered digital currency that had been stolen by the hackers from 2017 to 2021. The report said that North Korea might be keeping these funds to buy themselves time while trying to outfox law agencies.
This story is from the January 15, 2022 edition of The Independent.
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This story is from the January 15, 2022 edition of The Independent.
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