North Korean Cybercrime Groups Steal $100 Million in Crypto, FBI Investigates.

• The FBI identified North Korean cybercrime groups Lazarus Group and APT38 as responsible for the hack of Horizon Bridge, which drained $100 million worth of crypto.
• The stolen money is being used to fund North Korea’s ballistic missile and Weapons of Mass Destruction programs.
• The hackers laundered more than $60 million worth of Ethereum (ETH) on January 13, 2023, and converted it to Bitcoin (BTC) on various crypto platforms.

The United States Federal Bureau of Investigation (FBI) is actively working to identify and disrupt North Korean cybercrime activities. The agency recently announced that two North Korean cybercrime groups, Lazarus Group and APT38, were behind the hack of Horizon Bridge. The attack had drained $100 million worth of crypto from Horizon Bridge, a tool for cross-chain interoperability between Harmony, Binance Smart Chain, and Ethereum.

The FBI believes that the stolen money is being used to fund North Korea’s ballistic missile and Weapons of Mass Destruction programs. Moreover, the law enforcement agency stated that the criminal organization laundered more than $60 million worth of Ethereum (ETH) on January 13, 2023. The group carried out the deed on RAILGUN – a privacy protocol.

In addition, the FBI claimed that the hackers converted the laundered Ethereum (ETH) into Bitcoin (BTC) on various crypto platforms. Some of these funds were stolen with the cooperation of the crypto service providers. The FBI identified 11 Bitcoin addresses that received the stolen Ethereum funds.

The agency is working to track the stolen funds and disrupt North Korea’s theft and money laundering activities. The FBI has also urged crypto service providers to be vigilant and to report any suspicious activity related to the Horizon Bridge hack. The FBI Virtual Assets Unit (VAU) is conducting an on-going investigation into the incident and the agency has already identified several suspects and entities involved in the hack.

The agency is hoping to stop the North Korean cybercrime groups and bring them to justice. The FBI is also urging the public to be aware of any potential scams that may be related to the Horizon Bridge hack. The agency is also working to identify any other individuals or organizations that may have been involved in the attack.