American Federal Bureau of Investigations (FBI) – Hackers Associated with North Korea Attempt to Cash Out Stolen Cryptocurrency Worth Over $40 Million
Last Tuesday, it was reported that hackers associated with North Korea are planning to cash out stolen cryptocurrency valued at more than $40 million, according to the American Federal Bureau of Investigations (FBI) (source).
US law enforcement agencies have identified this cyber activity with a group known as “Tradertraitor,” also operating under the name “Jade Sleet.”
Following an FBI investigation, it was discovered that the group converted approximately 1580 stolen bitcoins into six different cryptocurrencies between August 21 and 22. These funds were obtained through various hacker attacks targeting cryptocurrencies.
North Korea has been known to blur the lines between cybercrime, espionage, and financial crimes. The TRADERTRAITOR group, in particular, has been linked to several attacks on blockchain-exchanges and cryptocurrency exchangers. These attacks aim to steal digital assets to generate illicit income for the country, which is under international sanctions.
Some notable attacks associated with this group include the theft of $60 million worth of cryptocurrencies from Alphapo on June 22, 2023, the theft of $37 million from Coinspaid on June 22, 2023, the theft of $100 million from Atomic Wallet on June 2, 2023, and various network attacks [source not provided].
A prominent feature of Axie Infinity, a game running on the Ethereum blockchain, is its utilization of NFT (non-replaceable tokens) technology. This technology provides players with property rights over game characters and objects.
The team behind the game, Ronin Sky Mavis, has emphasized the concept of “Play-to-earn,” which allows players to earn cryptocurrency by participating in the game. Players can engage in battles, tournaments, as well as buying, selling, and trading Aki to earn rewards for their efforts.