North Korean Hackers Targeting Crypto: The Alarming Rise of Cyber Attacks

The world of crypto has experienced tremendous growth in recent years. While investors and entrepreneurs reap the benefits of these innovations, it has also attracted the dark side of the internet. Shocking news has emerged revealing crypto hacks carried out by North Korean groups.

Noord-Korea heeft het op crypto gemunt

Recent figures from the South Korean National Intelligence Service indicate that North Korean cybercriminals have stolen a staggering $180 million in cryptocurrencies during the first six months of this year. As reported by Asia Today, these findings point towards a systematic approach that targets crypto exchanges and decentralized finance (DeFi) platforms.

Earlier this year, it was already established that the growing popularity of the crypto market has not come without consequences. The United States Security Council reported that North Korean hackers had already stolen over $1 billion worth of crypto. Now, we can add a substantial amount to this tally.

The Lazarus Group

The infamous Lazarus Group is once again at the center of these recent developments. These state-supported hackers have set their sights on the crypto market and are responsible for numerous large-scale attacks. Recently, CoinsPaid fell victim to an attack, resulting in an estimated $37 million stolen. Preliminary investigations once again pointed towards the Lazarus Group as the main suspect.

It is concerning to see that while the crypto market thrives, so do the threats. Private hackers already shake up the industry, but state-backed cybercriminals such as the North Korean group pose an even greater danger. Not only due to the financial damages caused, but also because the stolen assets could be used for even more alarming purposes, such as acquiring nuclear weapons. This was already highlighted in a report by the United Nations.

“The country has been using increasingly sophisticated cyber techniques to gain access to digital networks involved in cyberfinance and extract information of potential value, including the country’s weapon programs,”

These developments emphasize the importance of enhanced cybersecurity within the crypto industry. In the case of North Korean hackers, it is not only a matter of financial losses but also a matter of international security.