North Korean Hackers Suspected In $35 Million Crypto Heist

London-based crypto-tracking firm Elliptic suspects North Korean hackers are behind the recent cryptocurrency theft worth roughly $35 million. The culprits drained customer funds of Atomic Wallet, an Estonia-based crypto storage company. On Saturday, it said “less than 1%” of monthly users seemed affected by the hack.

Bitcoin and other cryptocurrencies supposedly replace the flawed traditional banking system. However, the recent digital heist reminds everyone that no system is perfect. As the world becomes more digitalized, we must explore the flaws of electronic assets. As a result, we can learn how to secure our finances, whether fiat or crypto.

This article will discuss details regarding the North Korean hackers. Also, I will cover how crypto tracker Elliptic traced these heists to the Lazarus Group. More importantly, I will suggest ways to keep your cryptos safe.

How did the crypto heist happen?

North Korean hackers were likely behind the theft of at least $35 million from a popular cryptocurrency service, multiple crypto-tracking experts told CNN https://t.co/KXReNWxUK0

— CNN (@CNN) June 6, 2023

CNN reported North Korean hackers were the likely culprits behind the $35 million cryptocurrency theft on Atomic Wallet. They allegedly drained specific customer accounts.

In response, Atomic Wallet said the theft affected “less than 1%” of monthly users. The $35 million amount is an approximation since the crypto storage company has not specified the stolen amount at the time of writing.

Elliptic said the hackers used money-laundering tools and techniques that matched North Korean hackers. It listed the following pieces of evidence on its website:

1. “The laundering of the stolen cryptoassets follows a series of steps that match those employed to launder the proceeds of past hacks perpetrated by Lazarus Group.”
2. “The stolen assets are being laundered using specific services, including the Sinbad mixer, which has also been used to launder the proceeds of past hacks perpetrated by the Lazarus Group.”
3. “It’s possible that the stolen cryptoassets have been co-mingled in wallets that hold the proceeds of past hacks perpetrated by Lazarus Group.”

Also, independent cryptocurrency tracker ZachXBT told CNN the same conclusion. “The pattern was similar to what we saw with the laundering of Harmony funds back in January,” ZachXBT said.

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That incident involved laundering $100 million stolen from a California-based company. The FBI blamed North Korea for the Harmony incident.

Private investigators and South Korean intelligence officers retrieved some of the stolen funds. It is the latest in a series of crypto heists linked to Pyongyang.

According to CNN, US officials worry the country could use the funds for nuclear and ballistic weapons programs. Also, a White House official told the news outlet North Korea has funded around half of its missile program via crypto theft. The authorities have not shared further information at the time of writing.

How to keep your cryptocurrencies safe

Bitcoin became popular around 2020 when people learned others became instant millionaires from the digital asset. Nowadays, the hype waned, yet people continue to invest.

You might be one of the folks who purchased cryptos years ago. Then, you may have purchased them from crypto exchanges like Binance and Coinbase. Otherwise, you may have bought them from crypto storage apps like Atomic Wallet. Beginners may have left their funds on those platforms.

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The recent crypto heist shows you must not leave your coins in a single electronic platform. Nowadays, you need better protection as cybersecurity risks spread.

The best way to secure your digital assets is by using cold wallets. These devices look like USB thumb drives designed to store cryptocurrencies.

Unlike digital wallets, they do not require online connectivity. You may check your cryptocurrencies at any time and anywhere. More importantly, you can prevent hackers from remotely accessing your assets.

Conclusion

Authorities suspect North Korean hackers were behind the recent $35 million crypto heist. They are investigating the incident and have not provided further information at the time of writing.

If you invested in cryptos, leaving them in a digital platform may not be ideal. Instead, consider keeping your cryptocurrencies in a physical or cold crypto wallet.

This article does not provide financial advice. Consult a financial advisor if you would like to start any investment. Also, follow Inquirer Tech for the latest digital tips and trends.