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FBI Alerts Crypto Firms About Potential North Korean Bitcoin Cash-Out

CryptoFBI Alerts Crypto Firms About Potential North Korean Bitcoin Cash-Out

The FBI has issued a warning to cryptocurrency firms about the possibility of North Korean hackers attempting to convert stolen Bitcoin, valued at more than $40 million. Hacker groups Lazarus and APT38, linked to North Korea, have moved around 1,580 Bitcoin from various cryptocurrency heists in the last 24 hours.

The Lazarus Group has been involved in several high-profile crypto hacks, stealing tens of millions of dollars from various platforms. The FBI advises private sector entities to monitor blockchain data associated with the addresses and be cautious when dealing with transactions related to them.

A hacking group known as ‘TraderTraitor’ is also implicated in cryptocurrency heists aimed at generating revenue for North Korea. They use malware-laden cryptocurrency applications to entice victims.

Blockchain analytics firm TRM Labs reported that North Korean hackers have stolen more than $2 billion in cryptocurrencies over the last five years, with $200 million stolen in 2023 alone. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) previously sanctioned addresses linked to North Korea, aided by crypto exchange Binance in seizing $4.4 million.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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