North Korean hackers stealing cryptocurrency, 3000 crores stolen in 2021
North Korean hackers stole digital assets worth around Rs 3,000 crore in at least seven attacks on cryptocurrency platforms in 2021. According to blockchain analysis company Chainalysis, the year 2021 has been one of the record successful years for North Korean cybercriminals. The attacks have mainly targeted investment firms and central exchanges. A BBC report suggests that North Korea has regularly denied involvement in hack attacks.
Hack value increased by 40 percent
A Chainalysis report shows that the number of North Korean hacks has increased from four to seven between 2020 and 2021. This hack value has increased by 40 percent. The report said the hackers used a range of techniques, including phishing lures, codes and malware, to extract funds from organizations’ ‘hot’ wallets and then transfer them to addresses controlled by North Korea.
Cryptocurrency hot wallet vulnerable to hacking
Cryptocurrency hot wallets are connected to the Internet and cryptocurrency networks and are therefore vulnerable to hacking. They are used to send and receive cryptocurrency and allow users to see how many tokens they hold.
Lazarus Group’s hand behind the attack?
Chainalysis said it is likely that many of the attacks in the past year were carried out by the so-called Lazarus. Let us tell you that Lazarus is a hacking group on which America has imposed sanctions. The group is believed to be controlled by North Korea’s primary intelligence bureau, the Reconnaissance General Bureau.
The Lazarus Group has been accused of involvement in ransomware attacks, hacking into international banks and customer accounts, and cyber attacks on Sony Pictures in 2014. Reports of cyber attacks from last year suggested that once North Korea secured custody of the funds, they began a careful laundering process to hide and cash out.