North Korean Crypto Heist: How the World’s Best Hackers Stole $100 Million
Last week, a group of digital thieves from the secretive nation of North Korea stole a whopping $100 million (roughly S$139 million) from a U.S. company. Three specialist tracking firms say the culprits are most likely based in Pyongyang.
The Target: Horizon Bridge
The victims were the folks at Horizon Bridge, a service running on the Harmony blockchain that lets you move assets between chains. On June 23, those hacktivists withdrew a bulk of crypto—so massive that even the digital vaults had to eat from the back of the line.
Who’d Steal? North Korea, Of Course
- Chainalysis, the “Where’s My Money” firm that helped fight the breach, pointed to a “style of attack” matching previous North Korean‑linked attacks.
- TRM Labs’s Nick Carlsen—formerly FBI, now a crypto‑crime sleuth—said the move is “preliminarily looks like a North Korean hack based on transaction behaviour.”
- Elliptic shared that the “devils behind the raid” use a “mixer” to blur the trail, making it easier to cash out the loot at an exchange.
Why does it matter? The theft is the eighth massive breach this year that could be chalked up to North Korea, which supposedly stole a total of $1 billion in crypto across all 2022—about 60 % of all stolen crypto that year. That collateral earnings are a major part of Pyongyang’s “fire‑power” fundraising.
Mixers and the Quest for a Clean Exit
Once the funds were moved, they jumped into a mixer—a filthy, digital laundering service that scrambles transaction history like a DJ on a disco night. The goal: make the money appear innocent so the North Koreans can dump it on an exchange and peek a few hundred dollars and scream, “Now that’s a good investment!”.
Crypto Values and Cautious Citizens
However, with crypto prices on a dipping trend, the once‑clear path is getting fuzzy. Compared to a flourishing boom, now’s a rocky era for those wanting to cash out anonymous crypto loot.
What’s the Bottom Line?
Big news: North Korea has an appetite for digital gold that rivals the world’s biggest thieves. Their flair for stealth and quick deception is the reason the blockchains have to put on their helmets. And if you’re in the crypto world, consider it a reminder: never leave chains bridging unlocked; otherwise, you might just lose your digital fortune to a country known for its “devil’s kitchens.”
We’re on our toes: if you see a sudden crypto drop, check if the chain’s been “back‑up migrated” or just taken a vacation.
