$60 million worth of stolen crypto was laundered this month.
in March 2022. North Korea has been allegedly supporting hackers, but instead of attacking adversaries directly, the country is looking to make money through these operations.Experts have noticed a strong mismatch between North Korea's trade revenues and the amounts it spends on developing new weapons.
Later in June 2022, the blockchain bridge, Horizon, which allows different cryptocurrencies to be swapped, was also attacked, and tokens worth $100 million were estimated to be stolen.Back then, cybersecurity experts had suggested that the heist was likely conducted by the Lazarus Group, something the FBI has now confirmed. The investigation agency also said that the hackers used the Railgun system this month to launcher $60 million worth of stolen ether tokens.
Although blockchain networks have public ledgers that show display the ownership of the tokens, services like Railgun are used to anonymize the transactions. According to the FBI, a portion of the money stolen during the heist last year was sent to several virtual asset providers and converted to Bitcoin.
The FBI said that it is working to "identify and disrupt the theft and laundering of virtual currency," which is used to support North Korea's ballistic missile development program.to North Korea linked-crypto groups. However, with the valuation of cryptocurrencies has fallen in the past year, it remains to be seen how the entire operation remains economically feasible in the long run.
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