North Korean Hackers Stole Nearly $400 Million in Crypto Last Year

[DaveF]

Makes you wonder with all the scams going on in the markets with fake tokens and projects and DeFi and everything else why bother 'stealing'

All you need are a bunch of state sponsored web people to put up a bunch of sites and then to promote them on twitter / facebook / wherever to get some hype and then let the money roll in. No hacking needed. You will have people just lining up to give you money. Would save a lot of time and effort.

I mean has anyone looked at the Token / AltCoin Announcements boards here lately? It really is a cesspool. And people are still lining up to give away their money.

-Dave

[eaLiTy]

It appears ethereum and erc-20 tokens are Kim Jong's favorite crypto:

It may be easier to hack ERC 20 wallets and hence the Kim Jong's army is taking advantage of that loophole and doing their business of looting others as there is no other global trade they are conducting with other countries . North Korea stole $400 million in cryptocurrency last year, what about the over all hacks that happened in the market. I am sure it will be over a billion dollars and some of the hacks were questionable including the Polygon hack.

[perfect999]

It appears ethereum and erc-20 tokens are Kim Jong's favorite crypto:

For the first time since Chainalysis began tracking North Korean cryptocurrency thefts, Bitcoin no longer represents anywhere near the majority of the country's take, accounting for only around 20 percent of the stolen funds. Fully 58 percent of the groups' cryptocurrency gains came instead in the form of stolen ether, the Ethereum network's currency unit. Another 11 percent, around $40 million, came from stolen ERC-20 tokens, a form of crypto asset used to create smart contracts on the Ethereum blockchain.

Bitcoin accounting for only 20% of the funds stolen by north korean hackers sounds like progress is being made.

This is like a normal thing to me, because most of these scams are more likely to come from the ERC 20 tokens and not from Bitcoin. Moreover if you check these days,there are more alternative cryptocurrencies and more that are being released in the market almost in everyday that passes by, over 10,000 of them currently in the market.

So, it shouldn’t be a surprise that majority of these scams that has taken place are coming from the altcoin market. Bitcoin is about less than 40% dominance in the market, and altcoin stakes the rest of the market dominance, so you would more likely see scam taking place in the altcoin market than you would see in Bitcoin.

[Darker45]

Who knows?

But what you're suggesting is probably more time-consuming and difficult. It's probably a lot easier to steal funds from those unpopular centralized exchanges, fake decentralized platforms, poorly-secured custodial wallets, and whatnot than to create hype.

It's not easy to market a shitcoin, to make it sell. They'll probably just stick to their hacking business. It's where they're experts at. It's where they gained almost $400 million in just a year. Perhaps they only need to expand their operation for a much bigger loot.