North Korea has allegedly stolen more than $ 1.7 billion from exchange platforms in recent years, South Korean media reports. The country has hired hackers to target individuals and businesses from many countries around the world.
North Korea siphons crypto around the world
South Korean media relate that North Korea hacked 2 trillion won (about $ 1.7 billion) in cryptocurrency. Reports also note that the heavily sanctioned country is holding onto long-term assets to get the most out of them, rather than immediately selling them for cash.
The accusations that North Korea used hackers to steal funds from exchange platforms are not new. In October, the United States also pointed out that the country had been doing this for several years. The United States’ statement stated:
“In this forfeiture lawsuit, the US government discovered that North Korean hackers conspired with other criminals involved in money laundering to steal and launder cryptoassets from three virtual asset exchanges. . “
The apparent modus operandi is as follows: Hackers send emails containing malicious code to internal employees, which in turn allows them to empty exchange platforms. The country is also targeting exchanges in various parts of the world, including South Korea, Slovenia, Indonesia and the United States. In addition, reports claim that the money was being used to finance the national nuclear program and the development of ballistic missiles.
With the heavy economic sanctions imposed on it, North Korea has resorted to underhand tactics to circumvent the sanctions. Cryptocurrencies have become a major tool in this effort, which has worried a number of governments and leaders. The United States has also warned of possible attacks banks led by North Korea.
Hacking of exchanges remains a problem
If the fact that an entire state is engaging in cryptocurrency theft is worrisome, perhaps even worse, is that thefts and hacks are a fairly common occurrence in the cryptocurrency market. With an increasing amount of capital pouring into the market, it’s no surprise that hackers are targeting it.
The DeFi market is a prime target for hackers, because new protocols that have just emerged are quite easy to hack. Projects in space have doubled audit and collaboration initiatives to avoid loss of funds.
However, we found a solution, which gave results, that bug bounties. This prompts attackers and white hat hackers to notify teams of potential exploits. Attackers or white hackers are compensated for doing so, now for the benefit of the ecosystem.
Source: BeInCrypto
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Salome Guerin
If cryptocurrencies are synonymous with financial freedom, then they must play a key role in the financial empowerment of women. With the right education, crypto can be a powerful tool in fighting the battle against gender inequalities.
