$40 Million Bitcoin Sell-off Ahead By North Korean Hackers, Warns US FBI

Coingapestaff
August 23, 2023
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In a recent press release, the FBI sounded the alarm over a surge in blockchain activity tied to the theft of substantial cryptocurrency assets, prompting concerns over the Democratic People’s Republic of Korea’s (DPRK) involvement. The notorious Lazarus Group also recognized as APT38 and TraderTraitor, stands accused of orchestrating these cybercrimes.

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A $40 Million Bitcoin Sell-off Awaiting, Warns FBI

Over the past 24 hours, the FBI has been closely monitoring the movements of stolen cryptocurrency amounting to hundreds of millions of dollars. It is suspected that the DPRK, through its TraderTraitor-affiliated operatives, might make a move to liquidate their bitcoin holdings valued at an astonishing $40 million.

The FBI’s extensive investigation has led to the discovery of about 1,580 bitcoin stolen from various cryptocurrency heists and currently held in multiple Bitcoin addresses. These assets are controlled by TraderTraitor-affiliated players, raising concerns about the potential consequences for the cryptocurrency market.

Individuals associated with TraderTraitor and related to the DPRK have been responsible for many large international cryptocurrency thefts. On June 22, 2023, Alphapo was robbed of $60 million in virtual money; CoinsPaid was robbed of $37 million on the same day; and Atomic Wallet was robbed of $100 million on June 2, 2023. The FBI also described previous attacks by the same organization on Harmony’s Horizon Bridge and Sky Mavis’ Ronin Bridge.

Given these disclosures, the FBI has issued a strong advisory to private sector entities, emphasizing the critical need to meticulously examine blockchain data tied to the implicated addresses. A call for heightened vigilance is echoing, urging a thorough assessment of transactions, whether directly or indirectly associated with these addresses.

The FBI’s unwavering determination to counter the DPRK’s illicit ventures, spanning cybercrime and cryptocurrency appropriation, persists as they work to dismantle revenue channels that bolster the regime’s activities.

Also Read: Elon Musk Accuses Facebook Of Manipulation, Calls For Algorithm Transparency

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The TraderTraitor Toolkit

The Lazarus Group, notorious for employing the TraderTraitor toolkit, has leveraged its arsenal of cyber tools to infiltrate cryptocurrency companies and exchanges. Their modus operandi frequently involves initiating attacks with phishing emails aimed at persuading personnel to unwittingly download a virus-laden file. This method has yielded notable successes, with the Lazarus Group leaving an indelible mark on the landscape of cybercrime.

As concerns mount over the astronomical value of cryptocurrency assets held by this DPRK-affiliated group, the FBI’s spotlight on these cyber activities underscores the ongoing battle against digital theft and the covert financial underpinnings of rogue regimes.

Also Read: Crypto Prices Today: Pepe Coin, RUNE Continues On Bearish Road, SUI Follows Bulls

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.