The National Intelligence Service (NIS) of South Korea is currently collaborating with cryptocurrency exchanges to share information regarding potential threats to their operations. The NIS decided to offer its assistance because of the increased threats that major crypto trading platforms face regularly.
According to reports, the NIS is working with four of the country’s largest cryptocurrency exchanges: Upbit, BitGlobal (formerly Bithumb), Korbit, and Coinone. As a result of the partnership, the exchanges will have real-time access to information regarding potential security breaches.
The intelligence agency has recently become aware of cyber threats to organizations in both the private and public sectors. The NIS believes that the activities are focused on compromising the national security of South Korea.
It has outlined activities to reduce the likelihood of attacks occurring and stated,
“In the future, we plan to provide and share more specialized information, including the latest malicious codes and hacking methods related to virtual assets.”
According to the South Korean Intelligence Agency, financial institutions, including cryptocurrency trading platforms, are becoming targets for hackers, especially those affiliated with North Korea.
The United Nations, through its report, stated that the North Korean government depends on hacking to fuel its expenditure and governance processes. The report stated, “DPRK cyber-actors stole more than $50 million between 2020 and mid-2021 from at least three cryptocurrency exchanges in North America, Europe, and Asia, probably reflecting a shift to diversify its cybercrime operations.”
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