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FBI says North Korean hackers preparing to cash out after high-profile crypto hacks on August 23, 2023 at 12:05 pm

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The U.S. government said it believes North Korean hackers are preparing to cash out millions of dollars stolen during a spate of high-profile crypto hacks.

On Tuesday, the FBI warned cryptocurrency companies about recent blockchain activity connected to the theft of hundreds of millions of dollars in cryptocurrency by malicious actors affiliated with the North Korea-backed Lazarus Group, also known as APT38 and “TraderTraitor.”

The FBI said that over the past 24 hours, it had tracked approximately 1,580 Bitcoin — worth more than $40 million — that the North Korean hackers are currently holding in six separate crypto wallets. The FBI said these funds were stolen during “several” cryptocurrency heists.

This includes the theft of virtual currency from Atomic Wallet in June, which saw the hackers compromise an estimated 5,500 customer wallets to steal funds worth more than $100 million. Blockchain analysis firm Elliptic previously said it assessed with a “high level of confidence” that the Lazarus Group was behind the attack, and noted that the laundering of the stolen crypto assets followed “a series of steps that exactly match those employed to launder the proceeds of past hacks perpetrated by Lazarus Group.”

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The FBI also linked Lazarus Group hackers to the theft of $60 million in virtual currency from centralized crypto payment provider AlphaPo and $37 million from cryptocurrency wallet provider CoinsPaid.

CoinsPaid, which was forced to halt operations for four days due to the incident, said in a July post-mortem of the attack that it suspected that Lazarus Group was responsible.

The wallet provider also confirmed that it was compromised after hackers contacted CoinsPaid employees via LinkedIn with high-paying job offers — a popular tactic employed by North Korea — to entice them into downloading malware-laced JumpCloud software. JumpCloud was recently breached by North Korean hackers as part of efforts to target cryptocurrency customers, which multiple cybersecurity firms linked to Lazarus Group.

In its advisory, the FBI warned that the North Korean hackers are preparing to cash out the $40 million in stolen funds in the coming days. Crypto organizations are urged to examine recent blockchain data linked to six Bitcoin addresses shared by the FBI and “be vigilant in guarding against transactions directly with, or derived from the addresses.”

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“The FBI will continue to expose and combat the DPRK’s use of illicit activities — including cybercrime and virtual currency theft — to generate revenue for the regime,” the FBI added. North Korea is known for using crypto thefts to fund its internationally sanctioned nuclear weapons program.

Lazarus Group has been previously been tied to several other crypto exchange hacks, including the theft of $100 million in crypto assets from Harmony’s Horizon Bridge and the theft of $625 million in cryptocurrency from the Ronin Network, an Ethereum-based sidechain made for the popular play-to-earn game Axie Infinity.

According to a recent report from blockchain intelligence company TRM Labs, North Korean hackers have stolen almost $2 billion in cryptocurrency since 2018 over more than 30 attacks — including almost $1 billion in 2022 alone. Lazarus Group has stolen approximately $200 million in 2023 so far, according to the report, accounting for over 20% of all stolen crypto this year.

The U.S. government has announced a $10 million reward for information on members of state-sponsored North Korean threat groups, including the notorious Lazarus Group.

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​ The U.S. government said it believes North Korean hackers are preparing to cash out millions of dollars stolen during a spate of high-profile crypto hacks. On Tuesday, the FBI warned cryptocurrency companies about recent blockchain activity connected to the theft of hundreds of millions of dollars in cryptocurrency by malicious actors affiliated with the North 

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US May Completely Cut Income Tax Due to Tariff Revenue

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President Donald Trump says the United States might one day get rid of federal income tax because of money the government collects from tariffs on imported goods. Tariffs are extra taxes the U.S. puts on products that come from other countries.

What Trump Is Saying

Trump has said that tariff money could become so large that it might allow the government to cut income taxes “almost completely.” He has also talked about possibly phasing out income tax over the next few years if tariff money keeps going up.

How Taxes Work Now

Right now, the federal government gets much more money from income taxes than from tariffs. Income taxes bring in trillions of dollars each year, while tariffs bring in only a small part of that total. Because of this gap, experts say tariffs would need to grow by many times to replace income tax money.

Questions From Experts

Many economists and tax experts doubt that tariffs alone could pay for the whole federal budget. They warn that very high tariffs could make many imported goods more expensive for shoppers in the United States. This could hit lower- and middle‑income families hardest, because they spend a big share of their money on everyday items.

What Congress Must Do

The president can change some tariffs, but only Congress can change or end the federal income tax. That means any real plan to remove income tax would need new laws passed by both the House of Representatives and the Senate. So far, there is no detailed law or full budget plan on this idea.

What It Means Right Now

For now, Trump’s comments are a proposal, not a change in the law. People and businesses still have to pay federal income tax under the current rules. The debate over using tariffs instead of income taxes is likely to continue among lawmakers, experts, and voters.

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Epstein Files to Be Declassified After Trump Order

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Former President Donald Trump has signed an executive order directing federal agencies to declassify all government files related to Jeffrey Epstein, the disgraced financier whose death in 2019 continues to fuel controversy and speculation.

The order, signed Wednesday at Trump’s Mar-a-Lago estate, instructs the FBI, Department of Justice, and intelligence agencies to release documents detailing Epstein’s network, finances, and alleged connections to high-profile figures. Trump described the move as “a step toward transparency and public trust,” promising that no names would be shielded from scrutiny.

“This information belongs to the American people,” Trump said in a televised statement. “For too long, powerful interests have tried to bury the truth. That ends now.”

U.S. intelligence officials confirmed that preparations for the release are already underway. According to sources familiar with the process, the first batch of documents is expected to be made public within the next 30 days, with additional releases scheduled over several months.

Reactions poured in across the political spectrum. Supporters praised the decision as a bold act of accountability, while critics alleged it was politically motivated, timed to draw attention during a volatile election season. Civil rights advocates, meanwhile, emphasized caution, warning that some records could expose private victims or ongoing legal matters.

The Epstein case, which implicated figures in politics, business, and entertainment, remains one of the most talked-about scandals of the past decade. Epstein’s connections to influential individuals—including politicians, royals, and executives—have long sparked speculation about the extent of his operations and who may have been involved.

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Former federal prosecutor Lauren Fields said the release could mark a turning point in public discourse surrounding government transparency. “Regardless of political stance, this declassification has the potential to reshape how Americans view power and accountability,” Fields noted.

Officials say redactions may still occur to protect sensitive intelligence or personal information, but the intent is a near-complete disclosure. For years, critics of the government’s handling of Epstein’s case have accused agencies of concealing evidence or shielding elites from exposure. Trump’s order promises to change that narrative.

As anticipation builds, journalists, legal analysts, and online commentators are preparing for what could be one of the most consequential information releases in recent history.

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Politics

Netanyahu’s UN Speech Triggers Diplomatic Walkouts and Mass Protests

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What Happened at the United Nations

On Friday, Israeli Prime Minister Benjamin Netanyahu addressed the United Nations General Assembly in New York City, defending Israel’s ongoing military operations in Gaza. As he spoke, more than 100 delegates from over 50 countries stood up and left the chamber—a rare and significant diplomatic walkout. Outside the UN, thousands of protesters gathered to voice opposition to Netanyahu’s policies and call for accountability, including some who labeled him a war criminal. The protest included activists from Palestinian and Jewish groups, along with international allies.

Why Did Delegates and Protesters Walk Out?

The walkouts and protests were a response to Israel’s continued offensive in Gaza, which has resulted in widespread destruction and a significant humanitarian crisis. Many countries and individuals have accused Israel of excessive use of force, and some international prosecutors have suggested Netanyahu should face investigation by the International Criminal Court for war crimes, including claims that starvation was used as a weapon against civilians. At the same time, a record number of nations—over 150—recently recognized the State of Palestine, leaving the United States as the only permanent UN Security Council member not to join them.

International Reaction and Significance

The diplomatic walkouts and street protests demonstrate increasing global concern over the situation in Gaza and growing support for Palestinian statehood. Several world leaders, including Colombia’s President Gustavo Petro, showed visible solidarity with protesters. Petro called for international intervention and, controversially, for US troops not to follow orders he viewed as supporting ongoing conflict. The US later revoked Petro’s visa over his role in the protests, which he argued was evidence of a declining respect for international law.

BILATERAL MEETING WITH THE PRIME MINISTER OF ISRAEL Photo credit: Matty STERN/U.S. Embassy Jerusalem

Why Is This News Important?

The Gaza conflict is one of the world’s most contentious and closely-watched issues. It has drawn strong feelings and differing opinions from governments, activists, and ordinary people worldwide. The United Nations, as an international organization focused on peace and human rights, is a key arena for these debates. The events surrounding Netanyahu’s speech show that many nations and voices are urging new action—from recognition of Palestinian rights to calls for sanctions against Israel—while discussion and disagreement over the best path forward continue.

This episode at the UN highlights how international diplomacy, public protests, and official policy are all intersecting in real time as the search for solutions to the Israeli-Palestinian conflict remains urgent and unresolved.

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