North Korean APTs Stole ~$400M in Crypto in 2021

Meanwhile, EtherumMax got sued over an alleged pump-and-dump scam after using celebs like Floyd Mayweather Jr. & Kim Kardashian to promote EMAX Tokens.

Vast amounts of cash sloshing around in cryptocurrency markets are proving irresistible for cybercriminals and scammers of all kinds.

From basic financial pump-and-dump schemes to straight-up nation-state cybertheft, nascent crypto markets, and their investors – often with dubious understanding of how they really work – have become prime targets for crypto scammers.

North Korean-backed cybercrime groups, including APT 38/Lazarus Group, have turned their talents and resources exclusively toward ripping off crypto markets, according to a new report from Chainalysis. In 2021, the number of North Korean-sponsored crypto attacks grew from four to seven and netted the crooks $400 million, which was a 40 percent increase over 2020, Chainalysis found.

The North Korean regime has found success with its complicated crypto-laundering operation through Asian exchanges that trade crypto for national currency with few questions, or a “fiat-to-crypto” exchange.

But before these groups can cash out, they are laundered through software “mixers,” the report added.

“DPRK is a systematic money launderer, and their use of multiple mixers – software tools that pool and

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