Security News > 2023 > August > North Korean Affiliates Suspected in $40M Cryptocurrency Heist, FBI Warns

The U.S. Federal Bureau of Investigation on Tuesday warned that threat actors affiliated with North Korea may attempt to cash out stolen cryptocurrency worth more than $40 million.

North Korea is known to blur the lines among cyber warfare, espionage, and financial crime.

TraderTraitor, in particular, has been linked to a series of attacks targeting blockchain and cryptocurrency exchanges with the goal of plundering digital assets to generate illicit revenue for the sanctions-hit nation.

This includes the $60 million theft of virtual currency from Alphapo on June 22, 2023; the $37 million theft of virtual currency from CoinsPaid on June 22, 2023; and the $100 million theft of virtual currency from Atomic Wallet on June 2, 2023, as well as attacks targeting Sky Mavis' Ronin Network and Harmony Horizon Bridge last year.

The cluster shares overlap with another North Korean group dubbed APT38, which, in turn, is part of the larger Lazarus constellation.

According to data compiled by blockchain intelligence firm TRM Labs, North Korean hackers are estimated to have stolen over $2 billion in cryptocurrencies since 2018 as part of a series of 30 attacks, with $200 million stolen in 2023 alone.

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