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FBI Issues Warning: North Korea’s $40 Million Cryptocurrency heist Exposed

North Korean cryptocurrency heist

We’re here to bring you significant updates in the realm of digital currency which can shock you , so be ready for it . The U.S. Federal Bureau of Investigation (FBI) has brought to our attention a potential matter concerning North Korea. Recent revelations suggest that individuals linked to North Korea may be contemplating the transformation of stolen cryptocurrency – an amount surpassing $40 million – into actual profits.

Cryptocurrency heist, FBI warning, North Korea, Stolen cryptocurrency, TraderTraitor, Blockchain activities, Cyberattacks, Cryptocurrency exchanges, Illicit profits, Lazarus constellation, Blockchain intelligence, Private sector vigilance

The FBI has identified these potentially malicious actors as part of a group they track under the name TraderTraitor, also known as Jade Sleet. This group has been busy engaging in blockchain activities that have caught the attention of law enforcement.

Upon conducting a thorough investigation, the FBI has discovered that the group successfully moved around 1,580 bitcoin within the span of 24 hours. These bitcoin units were acquired through a series of cryptocurrency heists. Currently, it’s reported that the group is holding onto these funds in six different wallets.

North Korea has gained notoriety for its involvement in a variety of activities, ranging from cyber warfare and espionage to financial crimes. TraderTraitor, specifically, has been linked to multiple cyberattacks aimed at blockchain platforms and cryptocurrency exchanges. Their ultimate aim has been to siphon off digital assets, which in turn generate illicit profits to support their nation under various economic sanctions.

To provide you with some specifics, let’s recall a few of their notable exploits. They successfully carried out a $60 million theft of virtual currency from Alphapo on June 22, 2023. Moreover, they managed to steal $37 million in virtual currency from CoinsPaid on the same day. And not to be forgotten is the impressive $100 million virtual currency heist from Atomic Wallet on June 2, 2023. These incidents were in addition to attacks on Sky Mavis’ Ronin Network and Harmony Horizon Bridge in the past year.

Interestingly, there are overlaps between TraderTraitor and another North Korean group called APT38 (also known as BlueNoroff or Stardust Chollima). This group, in turn, is a part of a larger entity known as the Lazarus constellation. The Mandiant company, owned by Google, recently linked TraderTraitor to UNC4899, a hacking crew that was involved in the JumpCloud hack in late June 2023.

Let’s delve into some statistics. Based on the findings collected by blockchain intelligence company TRM Labs, hackers associated with North Korea have managed to take control of more than $2 billion worth of cryptocurrencies since 2018. This impressive amount has been accumulated through around 30 different attacks. Notably, a substantial $200 million was acquired in the year 2023 alone.

In light of these developments, the FBI is urging private sector organizations to take a proactive stance. They recommend closely analyzing blockchain data associated with the addresses involved and exercising caution when dealing with transactions linked to or stemming from these addresses.

Stay vigilant, dear readers, as the world of cryptocurrency continues to evolve, presenting both opportunities and challenges that require our attention and careful consideration.

Meet Devansh Saurav, CryptoWini's seasoned writer and finance expert. With over a decade in finance and a background in journalism, Devansh blends practical expertise and storytelling to unravel crypto intricacies. Follow him on CryptoWini for concise analyses, market trends, and engaging discussions bridging finance and crypto

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