North Korea moves millions in crypto as it looks to cash out stolen funds



News North Korea moves millions in crypto as it looks to cash out stolen funds Expert says hackers will still need to convert gains to cash after transfer of funds linked to Horizon Bridge heist Ethan Jewell January 17, 2023 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON Physical representations of bitcoin, ethereum and litecoin \| Image: Pixabay, edited by NK Pro North Korea-linked attackers moved millions of dollars of cryptocurrency over the weekend, according to cryptocurrency exchange Binance, in what appeared to be part of efforts to cash out the illicit gains of recent thefts. The funds were linked to the Horizon Bridge heist, one of North Korea’s largest scores last year. “We detected Harmony One hacker fund movement,” Binance CEO Changpeng Zhao announced in a tweet Monday. “They previously tried to launder through Binance and we froze [their] accounts.” Harmony One is the company behind the Horizon Bridge, which allows users to Read More © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01Trump return rekindles prospects of North Korea talks, but Russia stands in way 02How China could benefit from North Korea’s troop deployment to Ukraine 03New North Korean ICBM delivers big political message, and likely bigger payloads 04How North Korea-Russia ties will challenge next US president, no matter who wins 05What to make of the stunning collapse in value of North Korean won 06What to know about Kim Yong Bok, the man leading North Korean troops in Russia 07If Trump: How erratic leader’s reelection could scramble North Korea policy 08North Korea’s admission of drone incursion exposes glaring gaps in air defenses

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North Korea moves millions in crypto as it looks to cash out stolen funds

Expert says hackers will still need to convert gains to cash after transfer of funds linked to Horizon Bridge heist

Ethan Jewell January 17, 2023

North Korea moves millions in crypto as it looks to cash out stolen funds

Physical representations of bitcoin, ethereum and litecoin | Image: Pixabay, edited by NK Pro

North Korea-linked attackers moved millions of dollars of cryptocurrency over the weekend, according to cryptocurrency exchange Binance, in what appeared to be part of efforts to cash out the illicit gains of recent thefts.

The funds were linked to the Horizon Bridge heist, one of North Korea’s largest scores last year.

“We detected Harmony One hacker fund movement,” Binance CEO Changpeng Zhao announced in a tweet Monday. “They previously tried to launder through Binance and we froze [their] accounts.”

Harmony One is the company behind the Horizon Bridge, which allows users to

01Trump return rekindles prospects of North Korea talks, but Russia stands in way
02How China could benefit from North Korea’s troop deployment to Ukraine
03New North Korean ICBM delivers big political message, and likely bigger payloads
04How North Korea-Russia ties will challenge next US president, no matter who wins
05What to make of the stunning collapse in value of North Korean won
06What to know about Kim Yong Bok, the man leading North Korean troops in Russia
07If Trump: How erratic leader’s reelection could scramble North Korea policy
08North Korea’s admission of drone incursion exposes glaring gaps in air defenses

North Korea moves millions in crypto as it looks to cash out stolen funds

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Ethan Jewell