Saturday, July 20, 2024

FBI Seizes Stolen Cryptocurrencies

The Wall Street Journal is reporting that the FBI has recovered over $30 million in cryptocurrency stolen by North Korean hackers earlier this year. It’s only a fraction of the $540 million stolen, but it’s something.

The Axie Infinity recovery represents a shift in law enforcement’s ability to trace funds through a web of so-called crypto addresses, the virtual accounts where cryptocurrencies are stored. These addresses can be created quickly without them being linked to a cryptocurrency company that could freeze the funds.

In its effort to mask the stolen crypto, Lazarus Group used more than 12,000 different addresses, according to Chainalysis. Unlike bank transactions that happen through private networks, movement between crypto accounts is visible to the world on the blockchain.

Advanced blockchain-monitoring tools and cooperation from centralized crypto exchanges enabled the FBI to trace the crypto to where Lazarus Group tried to cash out, investigators said.

The money was said to be laundered through the Tornado Cash mixer.

Suggest an edit to this article

Go to Cybersecurity Knowledge Base

Got to the Latest Cybersecurity News

Go to Cybersecurity Academy

Go to Homepage

Stay informed of the latest Cybersecurity trends, threats and developments. Sign up for our Weekly Cybersecurity Newsletter Today.

Remember, CyberSecurity Starts With You!

  • Globally, 30,000 websites are hacked daily.
  • 64% of companies worldwide have experienced at least one form of a cyber attack.
  • There were 20M breached records in March 2021.
  • In 2020, ransomware cases grew by 150%.
  • Email is responsible for around 94% of all malware.
  • Every 39 seconds, there is a new attack somewhere on the web.
  • An average of around 24,000 malicious mobile apps are blocked daily on the internet.
Bookmark
Recommended:  Crypto Firm Akropolis Offers $200,000 Bug Bounty to Hacker Who Stole $2m
Share the word, let's increase Cybersecurity Awareness as we know it
- Sponsored -

Sponsored Offer

Unleash the Power of the Cloud: Grab $200 Credit for 60 Days on DigitalOcean!

Digital ocean free 200

Discover more infosec

User Avatar
RiSec.Mitch
Just your average information security researcher from Delaware US.

more infosec reads

Subscribe for weekly updates

explore

more

security