$272 Million in Ethereum Stolen by North Korean Hackers in 2021

$272 Million in Ethereum Stolen by North Korean Hackers in 2021

Blockchain sleuth Chainalysis has estimated that hackers from North Korea pilfered $395 million worth of cryptocurrencies last year by conducting seven successful security breaches, Wired reports.Notably, Ethereum accounted for 58% of the sum ($272 million). Bitcoin, the leading cryptocurrency, only represents a fifth of the $400 million figure. The share of Ethereum-based tokens stands at 11%.The total amount of crypto stolen by the Hermit Kingdom has now eclipsed $1.5 billion, according to Chainalysis data.Being one of the most heavily sanctioned countries in the world, North Korea is a pariah on the global economic stage.Close ties with China, which purchases 90% of North Korea's goods, help to keep the floundering economy going, but the communist state also engages in various criminal activities. After drug trafficking and counterfeiting, cybercrime has emerged as a new source of revenue for the rogue communist state, with cryptocurrency exchanges being lucrative targets for North Korea's military hacking units.

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