Japan, South Korea and the US have warned the crypto-industry about the threats that hackers attributed to North Koreans pose. A Joint Statement Published on 14 January 2019.
According to the statement, groups allegedly tied to the Democratic People’s Republic of Korea (DPRK) are targeting exchanges, crypto custodians, and individual users. The statement highlighted the activities of notorious “Lazarus Group,”Cybercrime continues to be a highly strategic crime.
Authorities highlighted the high-profile hackers in 2024 such as DMM Bitcoin Upbit and Rain Management. These are all linked to North Korean actor. Over $370 Million in total losses was caused by these hacks.
In addition, retrospective analysis has revealed that there were significant breaches of 2023. These included a theft worth $235,000,000 on WazirX, and a hacking incident worth $50,000,000 at the money-market Radiant Capital.
The evolution of tactic
It also highlighted social engineering strategies and malware. The statement also highlighted the use of social engineering and malware strategies.
The government has also noted a growing trend in which DPRK workers are embedded into global private sector companies, creating insider threat.
In order to address the risks of these technologies, US, South Korea and Japan issued multiple advisories, urging companies, especially those in the freelance and blockchain industries, thoroughly vet their employees and strengthen cybersecurity measures.
Moreover, the warning trilateral emphasizes the importance for deeper collaboration between the governments and stakeholders in the private sector.
Initiatives such as the Illicit Virtual Asset Notification Program (IVAN), Cryptoasset and Blockchain Information Sharing and Analysis Center – Crypto-ISAC, and Security Alliance (SEAL) were launched in the US to enhance incident response and share information.
South Korea, Japan and other countries have also intensified their efforts in order to enhance coordination between the regions they belong to. Japan Virtual and Crypto Assets Exchange Association JVCEA and the Korean Government have launched self-inspections and seminars to improve public-private partnership.
Cooperation between the three countries goes beyond cryptography. All three nations have sanctioned cyber-actors from the DPRK, and they’ve enhanced their collective cybersecurity capability across Indo-Pacific.
One billion dollars
The blockchain security company Cyvers has identified victims Loss of $2.3 billion Crypto fraud by 2024
According to the company, hackers used various attack vectors like access control breaches and they were responsible for 67 incident last year.
Chainalysis reports that security incidents involving North Korean actors led to the theft of Crypto worth $1.3 billion In the same year.
The total was a staggering 103% higher than the $660 million that North Korean hackers were credited with in 2023. This shows the threat they pose to investors and crypto businesses.
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