A new investigation claims that North Korean hackers have stolen $3 billion worth of cryptocurrencies during the previous six years.
The safety of digital assets is being threatened by this persistent criminality. Important factors to think about include the steps being done to deal with and avoid these thefts and the magnitude of the harm they have had. Everyone and everyone with a stake in the cryptocurrency field must keep up with the latest security news and take strong precautions to protect their investments.
Reports of North Korean hackers targeting the cryptocurrency market underscore the ever-present danger of cybercrime to the digital asset sector. There has been a substantial monetary impact from these kinds of crimes, as seen by the reported theft of $3 billion worth of cryptocurrencies during the previous six years. The safety of digital assets and the necessity for stronger defenses against cyberattacks are brought to light by this.
Robust security measures must be implemented in the cryptocurrency field due to the persistent recurrence of such instances. Implementing best practices for digital asset security and using secure wallets and exchanges are all part of this. It is critical for individuals and businesses operating in the cryptocurrency market to keep up with the newest news in cybersecurity and be cognizant of any dangers.
In recent years, North Korean hackers have been involved in multiple high-profile bitcoin breaches. Here are a few examples of these incidents:
North Korean hackers gained access to JumpCloud, an American IT management company, in 2023 and utilized it as a stepping stone to attack bitcoin companies. Attackers breached JumpCloud’s networks in late June, compromising “fewer than 5” of the company’s clients—all of which were bitcoin companies.
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North Korean hackers have been involved in several notable cryptocurrency hacks over the past years. Some of these incidents include:
- JumpCloud Hack (2023): North Korean hackers breached an American IT management company, JumpCloud, and used it as a springboard to target cryptocurrency companies. The hackers broke into JumpCloud in late June and used their access to the company’s systems to target “fewer than 5” of its clients, which were cryptocurrency companies.
- Ronin Bridge Hack (2022): North Korea-linked hackers stole more than $600 million worth of crypto assets from Ronin Bridge in the popular blockchain game Axie Infinity using stolen private keys.
- Cross-chain Bridge Hacks (2022): North Korea stole over $800 million in three attacks against cross-chain bridges, which hold increasing volume.
These hacks demonstrate the sophistication and persistence of North Korean cybercriminals in targeting the cryptocurrency industry. They exploit vulnerabilities in the crypto ecosystem in various ways, including phishing and supply chain attacks, as well as through infrastructure hacks involving private key or seed phrase compromises. The proceeds from these hacks are often used to fund North Korea’s nuclear weapons programs.
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