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

  • Binance.US addresses SEC motion amid assets freeze concerns

    TL;DR Breakdown Binance.US reassures users of the safety of its funds following SEC’s assets freeze claims. The firm is focusing on challenging the SEC in court. Cryptocurrency exchange Binance.US has moved to reassure its users after the U.S. Securities and Exchange Commission (SEC) filed an emergency motion seeking to freeze its assets. In a recent tweet, Binance.US emphasized that user assets remain secure and the platform continues to operate normally with deposits and withdrawals functioning without disruption. Binance.US allays fears about safety of funds The SEC filed an emergency motion on June 6 in the U.S. District Court for the District of Columbia, requesting a temporary restraining order against Binance, Binance.US, and Binance CEO Changpeng Zhao (CZ). The motion outlined eight actions, including freezing Binance.US assets and repatriating funds held by U.S. customers. Additionally, it prohibits the defendants from altering or hiding records and imposes certain conditions on discovery. Concerns emerged within the crypto community that the restraining order might trigger a “bank run” on the exchange. However, it is important to note that the motion filed by the SEC…

    Article 2023年6月13日
  • Aptos price analysis: Bulls prevail as APT sees an uptrend at $8.54

    TL;DR Breakdown The Aptos price analysis is bullish today. The resistance for APT is present at $8.71. Support for APT/USD is found at $8.25. The Aptos price analysis for today reveals a bullish trend, as the asset’s value has witnessed an upward surge due to the continuous efforts exerted by the bulls. After a recent decline during a bearish market phase, the bulls managed to regain control following a correction observed yesterday, resulting in a significant price increase to $8.54. This positive momentum is likely to persist, with further price hikes expected in the hours ahead. APT/USD 1-day price chart: APT experiences a bullish rally The one-day Aptos price analysis indicates a positive trend for today, as the APT/USD value exhibits an upward trajectory, defying the bearish market conditions of the past. Buyers have seized control, resulting in a significant surge in the asset’s value over the last few hours. Currently, the coin is valued at $8.54. Although the gains may offset previous losses, it is anticipated that the upward trend will persist, leading to further gains in the near…

    Article 2023年6月5日
  • US Senator blames the crypto collapse on bank executives

    TL;DR Breakdown US Senator Cynthia Lummis criticizes the statement of a former Signature Bank executive. US Congress wants to abolish excessive executive compensation. US Senator Cynthia Lummis has faulted the statement of a former Signature Bank executive at Congress. Scott Shay has come under scrutiny for allegedly attempting to shift blame onto the cryptocurrency industry while personally benefiting from hefty bonuses and stock options. During a Senate Banking Committee hearing on May 16, Senator Cynthia Lummis criticized Shay’s prepared statement regarding the bank’s collapse. Senator Lummis pick holes in his statement Scott Shay acknowledged that Signature Bank began accepting deposits from digital asset businesses in 2018 but significantly reduced its exposure to the industry in 2022 due to volatility. He claimed that the bank’s seizure by regulators was triggered by the failure of a bank closely associated with the digital asset sector, leading to the withdrawal of $16 billion from Signature Bank. Senator Lummis accused Shay of deflecting blame onto cryptocurrency depositors and regulators while evading personal responsibility. Shay denied placing blame on digital assets, but Lummis pointed out that…

    Article 2023年5月18日
  • Hong Kong aims to outshine Tether and USD Coin with its own stablecoin

    TL;DR Breakdown Hong Kong plans to launch its state-backed stablecoin to rival established cryptocurrencies like Tether and USD Coin. The proposed stablecoin could expand financial inclusion, lower costs, and enhance transaction efficiency through blockchain technology. Hong Kong sees the stablecoin initiative as a crucial step toward becoming a premier global financial centre and attracting businesses, investors, and talent. Description To solidify its position as a global financial hub, Hong Kong is making waves in the cryptocurrency industry with plans to launch its state-backed stablecoin. This move comes as the region’s interest in digital currencies and Web3 technology continues to grow. By creating a stablecoin linked to the Hong Kong dollar, the government aims to … Read more To solidify its position as a global financial hub, Hong Kong is making waves in the cryptocurrency industry with plans to launch its state-backed stablecoin. This move comes as the region’s interest in digital currencies and Web3 technology continues to grow. By creating a stablecoin linked to the Hong Kong dollar, the government aims to rival existing stablecoins such as Tether (USDT) and…

    Article 2023年7月6日
  • Wimbledon 2023 embraces AI-powered highlights commentary

    TL;DR Breakdown Wimbledon has announced that it will embrace AI-powered commentary and player analysis. The group wants to provide users with an immersive experience at the tournament. Description In an exciting move aimed at elevating fan engagement, this year’s Wimbledon tennis tournament will introduce artificial intelligence (AI)-powered commentary and player analysis. The All England Lawn Tennis Club (AELTC) and technology giant IBM recently announced their collaboration, revealing plans to integrate this innovative technology across Wimbledon’s online platforms. Wimbledon will collaborate with IBM to … Read more In an exciting move aimed at elevating fan engagement, this year’s Wimbledon tennis tournament will introduce artificial intelligence (AI)-powered commentary and player analysis. The All England Lawn Tennis Club (AELTC) and technology giant IBM recently announced their collaboration, revealing plans to integrate this innovative technology across Wimbledon’s online platforms. Wimbledon will collaborate with IBM to integrate the feature One of the key features developed in partnership with the AELTC is an AI commentary system driven by IBM’s WatsonX technology. This cutting-edge functionality will generate audio and captions for match highlights videos, providing fans with…

    Article 2023年6月25日
TOP