A software wallet company in Estonia has found itself at the center of a quiet, unsettling question: who reached into the digital pockets of its users and carried away tens of millions of dollars. Outside analysts point toward North Korean hackers, a state whose cyber thefts have become a recurring thread in the modern history of money moving without borders, though no one has stepped forward to claim the act. The company, which says fewer than one in a hundred of its monthly users were touched, has not yet confirmed the total, and the uncertainty itself is part of the story. What the episode
Crypto Wallet Firm Atomic Wallet Loses $35M; Analysts Suspect North Korean Hackers
Some users of the wallet lost cryptocurrency in the hack, and a few victims publicly pleaded with the hackers to return their funds.
They posted their addresses in case the hackers took pity
Mark
Why does a $35 million theft from a wallet company matter beyond the people who lost money?
Mimi
Because of where officials think the money goes. Reports from the UN and private firms say North Korea has stolen billions through hacks, and a White House official said last month that about half its missile program has been funded this way.
Mark
What ties this hack to North Korea?
Mimi
Elliptic says the laundering techniques and tools match telltale North Korean behavior. ZachXBT compares it to the laundering of the $100 million Harmony theft in January, which the FBI blamed on North Korea.
Luke
Let me slow that down. Nobody has officially attributed this one. It's analysts matching patterns, and ZachXBT said "very likely," not certain.
Mimi
Fair. No group has claimed it either, and Atomic Wallet hasn't named a culprit.
Luke
And the $35 million is an analyst figure. The company hasn't said how much was stolen.
Mark
So the number could change?
Mimi
Yes. ZachXBT said it could rise above $35 million as the investigation continues.
Mark
What about the victims?
Mimi
The company says under 1 percent of monthly users appeared affected, out of a claimed 5 million. Some victims posted their addresses on Twitter begging for their funds back.
Luke
Whether any of it comes back is unknown. The Harmony case recovered only a fraction, and nothing here says that will happen again.
Der Puls
- Atomic Wallet users watched cryptocurrency vanish from their accounts, with at least $35 million reported stolen so far.
- Crypto-tracking firms Elliptic and ZachXBT trace the laundering patterns back to North Korean hacking methods, while no group has claimed responsibility.
- Victims publicly posted their wallet addresses on Twitter, pleading for the thieves to return what was taken.
- Atomic Wallet has not confirmed the total and says the investigation is ongoing, so the loss figure could climb.
- US officials treat such thefts as a national security threat, with the Biden administration making them a priority.
A software wallet company in Estonia has found itself at the center of a quiet, unsettling question: who reached into the digital pockets of its users and carried away tens of millions of dollars. Outside analysts point toward North Korean hackers, a state whose cyber thefts have become a recurring thread in the modern history of money moving without borders, though no one has stepped forward to claim the act. The company, which says fewer than one in a hundred of its monthly users were touched, has not yet confirmed the total, and the uncertainty itself is part of the story. What the episode reveals is how thin the protections of individuals remain when their savings live in code, and how the proceeds of such theft may be weighed against the security of nations.
Some of the people who lost money in the Atomic Wallet hack went to Twitter to ask the thieves for it back. They posted their cryptocurrency addresses in public, hoping the hackers might take pity and send something home. It was a small, strange appeal, and it showed how little recourse the victims had.
The theft, reported on June 7 out of Washington, drained at least $35 million from certain customers of Atomic Wallet, an Estonia-based company that says its software has 5 million users. Atomic Wallet says fewer than 1 percent of its monthly users seem affected, but it has not disclosed the amount taken or named a suspect. The $35 million figure comes from outside analysts.
Elliptic, a London-based crypto-tracking firm, says the laundering techniques and tools match known North Korean behavior. ZachXBT, an independent tracker, believes North Korea is very likely responsible and notes a similar pattern in the January theft from Harmony, where the FBI blamed North Korea for a $100 million loss and only a fraction was later recovered.
The stakes extend beyond the victims. United Nations reports and private firms say North Korean hackers have stolen billions from banks and crypto firms, a key revenue source for the regime, and US officials worry it helps fund nuclear and ballistic weapons. For now, the attribution rests on analysts reading patterns rather than any official finding. What comes next is whether Atomic Wallet confirms a final figure, whether US authorities formally name North Korea, and whether any money can be recovered.
Some of the people who lost money in the Atomic Wallet hack went to Twitter to ask the thieves for it back. They posted their cryptocurrency addresses in public, in case the hackers took pity and sent something home. It was a small, strange appeal, and it shows how little recourse the victims had.
The theft, reported on June 7 out of Washington, involved at least $35 million drained from the accounts of certain customers of Atomic Wallet, an Estonia-based company that says its software has 5 million users. Multiple crypto-tracking experts told CNN on Tuesday that North Korean hackers are suspected of being behind it.
Atomic Wallet said on Saturday that less than 1 percent of its monthly users appeared to be affected. The company has not said how much money was stolen, and it has not said who it believes was responsible. The $35 million figure comes from outside analysts, not from the firm.
Two sources of attribution stand out. Elliptic, a London-based crypto-tracking firm, said the hackers' money-laundering techniques and the tools they used matched telltale North Korean behavior. An independent tracker known as ZachXBT told CNN that North Korean hackers were very likely responsible, and that the confirmed total could climb above $35 million as Atomic Wallet continues its investigation.
ZachXBT pointed to a precedent: the pattern was similar, he said, to the laundering of funds from Harmony back in January. Harmony is a California-based firm that lost $100 million, and the FBI blamed North Korea for that hack. CNN has reported on how private investigators and South Korean intelligence operatives managed to claw back a fraction of that money.
The stakes reach past the victims. Reports from the United Nations and private firms say North Korean hackers have stolen billions of dollars from banks and cryptocurrency firms over the last several years, a key source of revenue for the regime. US officials worry the proceeds could help fund its nuclear and ballistic weapons programs.
Thwarting that hacking and laundering has quickly become a national security priority for the Biden administration. A White House official said last month that about half of North Korea's missile program has been funded by cyberattacks and cryptocurrency theft.
For now, the attribution rests on analysts reading patterns, not on any official finding or claim of responsibility. What to watch is whether Atomic Wallet's investigation produces a final loss figure, whether US authorities formally name North Korea, and whether any of the stolen money can be recovered, as a fraction of the Harmony funds was.
Bemerkenswerte Zitate
The pattern was similar to what we saw with the laundering of Harmony funds back in January.— ZachXBT, independent cryptocurrency tracker
About half of North Korea's missile program has been funded by cyberattacks and cryptocurrency theft.— White House official, speaking last month (as reported by CNN)
Möchten Sie die ganze Geschichte?
Das Original lesen bei Lokmat Times ↗
Technology