North Korea hackers swipe $70 million in cryptos

TL;DR Breakdown

  • North Korea is suspected of stealing $70 million in cryptos from Hong Kong-based CoinEx.
  • Blockchain research firms, Elliptic and Chainalysis, indicate North Korea’s Lazarus Group may be responsible.
  • The Lazarus Group has allegedly stolen approximately $240 million in recent crypto heists since June.

Description

A brand new heist has left the crypto world rattled, with the fingers pointed firmly at North Korea. A whopping $70 million has vanished from the vaults of CoinEx, a crypto exchange that operates out of Hong Kong. The audacious cyber-theft is yet another sign of the shifting sands in global finance. Digital currency, once … Read more

A brand new heist has left the crypto world rattled, with the fingers pointed firmly at North Korea. A whopping $70 million has vanished from the vaults of CoinEx, a crypto exchange that operates out of Hong Kong. The audacious cyber-theft is yet another sign of the shifting sands in global finance. Digital currency, once hailed as the future of money, now finds itself under siege from the rogue nation’s state-sponsored hackers.

The Trail of Suspicion and the Telltale Signs

While CoinEx has maintained a relatively neutral stance on the identity of these hackers, recent revelations by two blockchain research companies, Elliptic and Chainalysis, suggest North Korea’s involvement. The trail of breadcrumbs leading to this revelation is intriguing. Elliptic claims that part of the stolen bounty was funneled into a crypto wallet previously associated with the Lazarus Group, a notorious hacker collective that’s rumored to have North Korea’s backing.

Even more damning was the modus operandi of the heist. The thieves used a blockchain bridge for the Ethereum blockchain. Sounds technical? It is. But what’s pertinent here is that this particular method has been the signature move of the Lazarus Group in previous operations.

Rampant and Rising: The Lazarus Operation

Elliptic didn’t stop at just linking the Lazarus Group to the CoinEx fiasco. They went on to shed light on the group’s recent operations that have left the crypto community tensed. Since June, they’ve allegedly been on a digital looting spree, snatching up about $240 million in crypto assets across four distinct attacks.

Now, if one thinks this is just a simple hack-for-cash scheme, think again. Last year, a report by the United Nations highlighted how North Korea has been amping up its cyber-theft escapades, using increasingly sophisticated methods to get their hands on more digital gold than ever before. Why? The answer might lie in geopolitics and the survival of a regime. UN sanctions monitors have previously hinted that North Korea might be leveraging these cyber-heists to fund its nuclear and missile endeavors.

The Silence of the Accused

North Korea, with its typical poker face, has remained mum on these allegations. Past accusations of cyber malfeasance have been met with denial, and this situation has been no different. Their mission to the UN in New York turned a blind eye to comment requests sent their way regarding this matter.

Cryptocurrencies, the brainchild of an ever-evolving digital age, might have revolutionized the world of finance. Still, they have also opened a Pandora’s box of problems. The decentralized nature of cryptos, their relative anonymity, and the burgeoning growth of exchanges have turned them into ripe targets for hackers.

If North Korea’s involvement proves to be true, it paints a bleak picture: a rogue nation harnessing its tech prowess not just to line its coffers, but potentially fund activities that could destabilize global peace.

As we stand at the crossroads, the crypto industry must re-evaluate its security protocols. For, in this digital age, the enemy isn’t just at the gates; they’re in the mainframe, ready to exploit every vulnerability. The CoinEx heist is not just an alarm for the crypto community but a clarion call for the world to recognize and counter the threats of the digital underworld.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:North Korea hackers swipe $70 million in cryptos

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月17日 06:09
Next 2023年9月17日 07:19

Related articles

  • Over $300M lost in crypto hacks in Q2 2023

    TL;DR Breakdown In the second quarter of 2023, over $300 million in digital assets fell victim to cryptocurrency hacks and exploits, as reported by CertiK, a blockchain security company. CertiK’s analysis pointed out that among the blockchains studied, BNB Chain experienced the highest number of incidents. Another report from PeckShield revealed that approximately half of stolen non-fungible tokens (NFTs) were being sold by malicious actors within just three hours of being stolen. Description In the second quarter of 2023, over $300 million in digital assets fell victim to cryptocurrency hacks and exploits, as reported by CertiK, a blockchain security company. The quarterly report compiled by CertiK revealed that there were a total of 212 security incidents during that period, resulting in the malicious draining of $313,566,528 from Web3 … Read more In the second quarter of 2023, over $300 million in digital assets fell victim to cryptocurrency hacks and exploits, as reported by CertiK, a blockchain security company. The quarterly report compiled by CertiK revealed that there were a total of 212 security incidents during that period, resulting in the…

    Article 2023年7月7日
  • South Korea bolsters crypto oversight with LEI integration & a crime unit

    TL;DR Breakdown South Korea has launched an inter-agency investigation unit to combat the surge of crypto crimes, including hacking, scams, and money laundering in the country. The interagency probe team brings together experts from different government departments to respond to emerging crypto threats and protect investors swiftly. Korea Securities Depository and Code, a travel rules company, signed a business agreement in Seoul to promote LEI (Legal Entity Identifier) use in the virtual asset market. Description South Korea has taken decisive action by forming an interagency investigation team to address the growing concerns over cryptocurrency crimes. The crypto market has grown increasingly popular and drawn a wide range of investors, but it has also become a haven for illegal activity.  This action represents a significant step towards enhancing national crypto regulation. … Read more South Korea has taken decisive action by forming an interagency investigation team to address the growing concerns over cryptocurrency crimes. The crypto market has grown increasingly popular and drawn a wide range of investors, but it has also become a haven for illegal activity.  This action represents…

    Article 2023年7月27日
  • SEC’s probe on Binance.US was initiated in 2020, recent court filings reveal

    TL;DR Breakdown Court filings reveal SEC’s 2020 investigation into Binance.US, indicating long-term scrutiny. SEC’s probe centers on alleged securities law violations and substantial profits by Binance.US. Lawsuit filed by the SEC targets Binance.US, its entities, and its CEO, seeking an asset freeze. Binance.US, the American arm of the global cryptocurrency exchange Binance, is under investigation by the U.S. Securities and Exchange Commission (SEC) for possible violations of federal securities laws. Court filings released on Tuesday revealed that the SEC has been scrutinizing Binance.US since 2020, with evidence pointing to hundreds of millions of dollars in illicit profits. In a lawsuit filed on Monday, the SEC accused Binance’s U.S. and global entities, as well as its CEO Changpeng “CZ” Zhao, of operating an unregistered securities exchange by facilitating the trading of cryptocurrencies. The regulatory body has subsequently sought to freeze Binance.US assets, intensifying the legal battle between the crypto exchange and the SEC. According to court filings, the SEC initiated an internal investigation and assigned officials to gather testimony starting on August 17, 2020. Colby Steele, a lawyer representing the SEC,…

    Article 2023年6月12日
  • Microsoft and Axelar join forces to revolutionize blockchain integration

    TL;DR Breakdown The collaboration involves Axelar joining Microsoft’s Azure marketplace, marking it as the first cross-chain protocol to be listed on the popular developer’s online store. Through the Azure marketplace, developers will be able to leverage Axelar’s tools, such as the AxelarJS software development kit (SDK) and its general message-passing capabilities.  Microsoft’s Azure marketplace currently hosts over 25,000 applications and services for developers and businesses. Description Axelar, a cross-chain protocol, and tech giant Microsoft recently announced a partnership aimed at bridging public and private blockchains. The collaboration involves Axelar joining Microsoft’s Azure marketplace, marking it as the first cross-chain protocol to be listed on the popular developer’s online store. By joining the Azure marketplace, Axelar gains access to a vast network … Read more Axelar, a cross-chain protocol, and tech giant Microsoft recently announced a partnership aimed at bridging public and private blockchains. The collaboration involves Axelar joining Microsoft’s Azure marketplace, marking it as the first cross-chain protocol to be listed on the popular developer’s online store. By joining the Azure marketplace, Axelar gains access to a vast network of…

    Article 2023年7月12日
  • China’s yuan expected to decline for economic rebound

    TL;DR Breakdown The Chinese yuan has dropped to six-month lows against the US dollar, and experts suggest it might weaken further due to concerns over China’s uneven pandemic recovery. A weaker yuan can bolster export performance, especially during the current contraction of global trade. Despite its rapid depreciation, the People’s Bank of China (PBOC) has rarely intervened, indicating that it’s comfortable with the current situation. As the gears of China’s economic machine start to grind amidst concerns over an uneven pandemic recovery, all eyes are now on the yuan. Recently plummeting to six-month lows against the US dollar, experts are predicting that China’s currency may have further to fall. Clouds over the second-largest economy China’s economic data has been less than inspiring recently. With yield gaps with the United States widening and corporate dividends looming, there has been a continued outflow of capital from the foreign selling of stocks and bonds. As a result, the yuan has tumbled to a low not seen since last November. In the face of a surging dollar, the yuan has depreciated over 5% since…

    Article 2023年6月9日
TOP