Renowned on-chain detective ZachXBT has revealed a significant network of North Korean developers who have been working for various well-known cryptocurrency projects under false identities. The investigation discovered that this group, with an estimated 21 members, has been involved in more than 25 crypto projects and earning a substantial income of $300,000 to $500,000 per month.
The discovery came to light after a victim project suffered a $1.3 million hack and realized that several of their developers were using fake identities and were, in fact, IT personnel from North Korea. The funds were subsequently laundered through numerous transactions.
ZachXBT’s investigation revealed further evidence of this network’s activity, including earning $375,000 in rewards in the past month and a previous transaction volume of $5.5 million. Some of these developers have even been linked to North Koreans who are already sanctioned by the US Treasury Department.
ZachXBT warns that several well-known crypto projects may have unknowingly hired these North Korean IT personnel
