![]() It’s unclear why the hackers would still be sitting on these funds, but it could be that they are hoping law enforcement interest in the cases will die down, so they can cash out without being watched. This suggests that DPRK-linked hackers aren’t always quick to move stolen cryptocurrencies through the laundering process. By contrast, more than $55 million came from attacks carried out in 2016-meaning that DPRK has massive unlaundered balances as much as six years old. Of DPRK’s total holdings, roughly $35 million came from attacks in 20. The ten largest balances by dollar value are listed below. DPRK’s stolen fund stockpile: $170 million worth of old, unlaundered cryptocurrency holdingsĬhainalysis has identified $170 million in current balances-representing the stolen funds of 49 separate hacks spanning from 2017 to 2021-that are controlled by North Korea but have yet to be laundered through services. What’s more, DeFi platforms don’t take custody of user funds and many do not collect know-your-customer (KYC) information, meaning that cybercriminals can use these platforms without having their assets frozen or their identities exposed. When DPRK swaps these coins for ETH or BTC they become much more liquid, and a larger variety of mixers and exchanges become usable. Why DeFi? DeFi platforms like DEXs provide liquidity for a wide range of ERC-20 tokens and altcoins that may not otherwise be convertible into cash. Why mixers? DPRK is a systematic money launderer, and their use of multiple mixers -software tools that pool and scramble cryptocurrencies from thousands of addresses-is a calculated attempt to obscure the origins of their ill-gotten cryptocurrencies while offramping into fiat. More than 65% of DPRK’s stolen funds were laundered through mixers this year, up from 42% in 2020 and 21% in 2019, suggesting that these threat actors have taken a more cautious approach with each passing year. In fact, we observed a massive increase in the use of mixers among DPRK-linked actors in 2021. Bitcoin is sent to deposit addresses at crypto-to-fiat exchanges based in Asia -potential cash-out points.Mixed Bitcoin is consolidated into new wallets. ![]()
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