The regime had a “banner year,” thanks to skyrocketing cryptocurrency values and a new generation of vulnerable startups.
, accusing them of stealing at least $121 million from cryptocurrency businesses along with a slew of other financial crimes. Charges were also brought against a Canadian man who had allegedly helped to launder the funds. But those efforts haven't stopped the hemorrhaging of crypto wealth. "We were excited to see actions against North Korea from law enforcement agencies," Plante says, "yet the threat persists and is growing.
Chainalysis's Plante attributes that increased focus on Ethereum-based cryptocurrencies—$272 million in total thefts last year versus $161 million in 2020—to the skyrocketing price of assets in the Ethereum economy, combined with the nascent companies that growth has fostered.
Last year, for instance, two North Korean groups Mandiant calls TEMP.Hermit and Kimsuky both seemed tasked with targeting biomedical and pharmaceutical organizations, likely to steal information related to Covid-19, says Fred Plan, a senior analyst at Mandiant. Yet both groups continued to target cryptocurrency holders throughout the year.
—now appears to have turned its sights on cryptocurrency targets. "Almost all of the North Korean groups we track have a finger in the pie of cryptocurrency in some way," Plan says.
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