These three nations – the United States, Japan, and South Korea – have issued a joint warning to the global industry, alerting them to persistent cyberattacks originating from North Korea’s hacker groups. They’ve noticed these groups showing an “aggressive” interest in targeting the cryptocurrency sector.
US, Japan, South Korea Send Warning
Collectively, the U.S., Japan, and South Korea issued a warning to the global blockchain community: hackers from the Democratic People’s Republic of Korea (DPRK) have been found infiltrating and attacking various organizations around the world.
As per the given statement, cyber activities linked to groups such as the Lazarus Group (associated with North Korea) consistently display harmful online conduct, often targeting cryptocurrencies through various schemes.
These cyber-attacks pose a risk not only to these three nations but also to the global community, as they undermine the security and stability of the global financial system by using illicitly obtained cryptocurrency to finance North Korea’s ballistic missile development programs.
The cyber activities of North Korea (DPRK) pose a risk to our three nations and the global community, especially by threatening the security and stability of the international financial system. Our governments collaborate in an effort to prevent thefts from both private industries and North Korea, as well as to retrieve stolen funds. This is done with the aim of cutting off North Korea’s illegal sources of income for its nuclear weapons and ballistic missile programs.
The statement underscores the importance of increased cooperation between the public and private sectors from all three countries, as this collaboration is essential in countering these cybercrime activities and safeguarding the global financial system.
Enhanced cooperation between the public and private sectors from all three nations is vital to take action against cybercriminals before they cause harm, safeguard businesses, and ensure the stability of global finances.
Countries have issued cautions regarding IT specialists from the Democratic People’s Republic of Korea (DPRK) infiltrating various industries. It has been reported by Bitcoinist that some businesses unknowingly employed IT workers originating from North Korea. Over the past few years, more than a dozen cryptocurrency companies have unfortunately become victims to the country’s strategies for evading sanctions and acquiring funds through these projects.
North Korean Crypto Hacks Take $1.34 Billion In 2024
2024 saw the governments involved pointing fingers at North Korea for numerous instances of cryptocurrency heists, which included attacks on cryptocurrency exchanges, digital wallet holders, and individual users dealing with cryptocurrencies.
As per the information provided, the incidents mentioned involve cyberattacks on three different platforms: DMM Bitcoin in Japan, where a loss of approximately $308 million was reported; Upbit in South Korea, suffering a loss of around $50 million; and Rain Management based in Bahrain, experiencing a loss of about $16.13 million.
Furthermore, according to comprehensive industry studies, it’s been suggested that DPRK hackers were behind the $235 million theft from WazirX and the $50 million theft from Radiant Capital. Consequently, these incidents are being attributed to North Korean entities by the respective governments, totaling approximately $660 million in crypto hacks over the past year.
Based on Chainalysis’ findings, North Korean hackers managed to swipe a staggering $1.34 billion from crypto platforms in the year 2024, marking a significant increase from the previous years’ take of $660.5 million. This alarming rise amounts to approximately 20% of all reported incidents and an impressive 61% of the total value stolen last year.
Moreover, there was a higher occurrence of cyber-attacks valued between $50 million and $100 million, as well as those exceeding this range, in the year 2024. This pattern seems to indicate that North Korea may be progressively enhancing its skills and speed in executing large-scale cyber exploits.
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2025-01-15 13:41