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North Korean Hackers Charged by U.S Prosecutors for Stealing over $1bn

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The government of the United States of America has charged three hackers from North Korea for their connection with cybercrimes and stealing from a number of businesses in the cryptocurrency industry. This was revealed in a press release by the Justice department of the United States on Wednesday, 17th February, 2021.

These hackers were said to have stolen cryptocurrencies and cash worth over $1.3 billion from various businesses and firms before they were apprehended and charged to court. The mentioned figures by the US Justice Department were said to have been traced to several illegal transfers from a number of bank accounts. The release by the justice department also highlighted NiceHash; a crypto mining company in Slovenia that was said to have been attacked in December 2017 (same date cited by the release) and a number of firms as targets of these hackers.

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The lawsuit was filed in the US Court in Los Angeles against the defendants; Park Jin Hyok, Kim II and Jon Chang Hyok. The three were said to have been identified as members of a military intelligence unit in North Korea; the Reconnaissance General Bureau.

The Indictment by the Court in Los Angeles

The court in Los Angeles accused the three defendants of defrauding a number of mentioned companies alongside an array of other cybercrimes;

“Targeting of hundreds of cryptocurrency companies and the theft of tens of millions of dollars’ worth of cryptocurrency, including $75 million from a Slovenian cryptocurrency company in September 2018; and $11.8 million from a financial services company in New York in August 2020 in which the hackers used the malicious CryptoNeuro Trader application as a backdoor.”

The Department of Justice has noted that some of the stolen funds from firms have been seized and would be sent back to the concerned companies.

Hackers to Face up to 35 Years Jail Term

The hackers are said to face up to thirty five years imprisonment if they get convicted for cyber fraud, bank and wire fraud charges.

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