FBI Issues Warning: North Korean Hackers Planning $40 Million Bitcoin Cash-Out

The U.S. Federal Bureau of Investigation (FBI) has issued a warning to the crypto community, cautioning that individuals linked to North Korean hackers might be planning to sell over $40 million worth of bitcoin.

This announcement was made by the intelligence and security agency, which has been tracking crypto stolen by entities known as the Lazarus Group and APT38, both connected to the Democratic People’s Republic of Korea (DPRK).

These entities are known to use a strategy referred to as “TraderTraitor.”

The FBI expressed its belief that the DPRK could potentially seek to convert Bitcoin, valued at more than $40 million, into traditional currency.

To aid in identifying the affected funds, the agency released a list of Bitcoin addresses where the assets are currently located. These funds have been recently moved.

The agency emphasized that companies in the private sector should carefully review the blockchain data associated with these addresses.

It’s crucial for them to remain vigilant and cautious, guarding against transactions either directly involving these addresses or linked to them.

The Lazarus Group, which operates from North Korea, has consistently targeted the blockchain sector through tactics like spearphishing and the distribution of malicious software.

Their attacks typically start with multiple spearphishing emails aimed at IT staff. The goal is to deceive recipients into downloading applications contaminated with harmful malware. The U.S. government refers to these malicious applications as “TraderTraitor.”

The FBI’s monitoring of the DPRK’s TraderTraitor-affiliated actors has revealed a history of high-profile hacks. This includes attacks on notable platforms like Alphapo, CoinsPaid, and Atomic Wallet.

Last year, this same group executed attacks on Harmony’s Horizon Bridge and Sky Mavis’s Ronin Bridge, leading to a substantial loss of approximately $540 million.

The alert from the FBI serves as a reminder of the ongoing challenges posed by cybercriminals and the need for constant vigilance within the cryptocurrency space.

Stakeholders must stay aware of potential threats, adopt security measures, and collaborate to safeguard both their assets and the integrity of the industry.