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US Files Lawsuit to Recover Cryptocurrency Accounts Linked to North Korean Hacking Operation

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INDIA

Sep, 14 2020

Sep, 14 2020

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The Law squabble between the powerful nations, the US and North Korea. An objection was filed by the states to dictator country seeking to seize domination over 280Bitcoin and Ethereum account that is suspected to be holding funds North Korean hackers stole from two cryptocurrency exchanges. Though the law of court did not spot the hacked exchanges, but the officials confirmed the two hacks transpired on 1st July 2019 and 25th September 2019. In the latter date the N. Korean hackers stole $272,000 worth alternative cryptocurrencies and tokens (Proton token, Play Game tokens and IHT Real Estate Protocol token) while in the later date hackers looted multiple virtual currencies of worth >$2.5 million.

According to the evidence the US claims that Korean hackers used a technique called “chain hopping”/blockchain funds to loot currencies. they also confirm that convict North Korean hackers usually stole funds from one exchange, transferred the funds to another exchange where they chain hopped several times and eventually gathered all funds into the 280 BTC and ETH accounts they tracked down.

As per the court documents, approximately 280 addresses are forthwith frozen at crypto portal immediately after the hack,as cryptocurrency exchange portals cooperated with each other to track down funds and freeze accounts before the funds were converted back into fiat (real) currency, and all traces lost for good

Now the US government ought to take formal control over these accounts in order to return funds to the hacked users. In September 2019, the US Treasury accredited 3 N.K hacking groups and moved to freeze financial assets associated with them. The treasury officials confirmed that these hacker group are engaged in this deed to steal funds and send back to Pyongyang regime, which would then use the stolen assets to fund its weapons and missile programs.


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