Over the course of six months, North Korean hackers have amassed an illicit fortune of around $180 million, highlighting the ongoing peril of cyberattacks in the realm of cryptocurrencies. This was revealed in a recent report by South Korea’s National Intelligence Service.
The illegal exploits of the North Korean cyber community, particularly the notorious Lazarus Group have become a global menace as they were responsible for several high-profile crypto breaches. Recall, last year’s staggering $600 million hack on Ronin, the blockchain underlying the popular play-to-earn game Axie Infinity.
The most recent case was CoinsPaid, affiliated with the crypto payments processor Alphapo, which fell victim to a daring $37 million hack. On-chain sleuths unanimously point towards the Lazarus Group’s involvement, as the digital fingerprints of their malicious activities are of a particular type.
The North Korean group’s cyber offensive has steadily escalated, with a particular focus on targeting not only domestic but also international space and defense sectors. This strategic intensification mirrors North Korea’s larger ambitions, as it seeks to fortify its nuclear capabilities and even venture into space with satellite launches.
Despite international pressure and condemnations, the Hermit Kingdom remained steadfast in its determination to exploit virtual assets for illicit gains. Experts estimated that a whopping 30 percent of the country’s foreign currency earnings stem from hacking activities.
To combat the growing threat posed by North Korea’s cyber crusade involving cryptocurrencies and other forms of cyber threats, the United States and South Korea have joined forces. In a significant demonstration of cooperation, the two nations recently convened their fourth working group meeting.
U.S. Join Forces With S. Korea To Combat North Korean Hackers
Hosted in South Korea, the meeting witnessed the collaborative efforts of U.S. Deputy Special Representative for North Korea Jung Pak and her South Korean counterpart, Lee Jun-il. The primary goal of this partnership is to fortify cooperation with virtual asset service providers and stem the flow of ill-gotten funds into North Korea’s ominous weapons development initiatives.
As the global community grapples with the multifaceted challenges of cybercrime, the ongoing exploits of North Korean hackers stand as a stark reminder that the world of cryptocurrencies remains a fertile ground for both innovation and exploitation. The urgency to devise effective countermeasures to safeguard these digital assets has never been greater, lest we continue to witness the audacious pilfering of fortunes at the hands of shadowy adversaries.