North Korean hackers thieve $571 million in crypto assets

North Korean hackers thieve $571 million in crypto assets

North Korea's unknown hacking group, Lazarus has made an incredible thing – the hackers from the isolated country have managed to thieve more than half a billion US dollars in crypto assets.

According to some reports, Lazarus was responsible for up to 14 cyber-attacks on cryptocurrency exchanges since January last year, grasping a mind-blowing $571 million as a result.

The news underpinned claims from South Korean officials who blamed North Korean hackers for stealing literally tens of millions of dollars' worth in crypto assets last year.

South Korea’s National Intelligence Service informed that phishing scams as well as other criminal techniques had generated tens of billions of won in customer funds. In addition to this, authorities were also trying to find out whether the same cyber terrorists were behind the January attack of the Coincheck exchange that saw more than $500 million in crypto assets thieved, although Lazarus wasn't blamed.

According to Group-IB, nearly $882 million in crypto assets was thieved from crypto exchanges from 2017 to 2018.

As the security provider told, the overall number of cyber-attacks targeting cryptocurrency exchanges will probably go up, with hackers of more conventional financial institutions, including banks being drawn to this niche looking for big money.

Additionally, the summary also considered the methods employed by cyber-terrorists to carry out their attacks. For this purpose North Korean hackers made use of social engineering, spear phishing as well as malware.

Experts drew attention to the fact that spear phishing, which involves targeting organizations or individuals with malware through an email attachment, appears to be the primary vector of attack on enterprise networks.

North Korean hackers also scan the local network for the purpose of finding work stations as well as servers employed to work with private crypto wallets.

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