Last year was eventful for cyberattacks, as the crypto ecosystem was dotted with news of different protocols being hacked.
According to a report by Chainalysis, a blockchain analysis firm, North Korean hackers plundered close to $400m in cryptocurrencies from different platforms in 2021. The chart contained in the report showed that last year was an immensely favorable one for hackers in North Korea.
Most of these attacks were on centralized exchanges and investment protocols. At the moment, North Korea has denied any involvement in these activities.
The report stated, “From 2020 to 2021, the number of North Korean-linked hacks jumped from four to seven, and the value extracted from these hacks grew by 40%.”
Immediately the funds are in the possession of the North Korean hackers, they launder the proceeds, the report added.
Furthermore, the report by Chainalysis offered more insight into the operation.
“These complex tactics and techniques have led many security researchers to characterize cyber actors for the Democratic People’s Republic of Korea (DPRK) as advanced persistent threats (APTs). This is especially true for APT 38, also known as “Lazarus Group,” which is led by DPRK’s primary intelligence agency, the US- and UN-sanctioned Reconnaissance General Bureau. While we will refer to the attackers as North Korean-linked hackers more generally, many of these attacks were likely carried out by the Lazarus Group in particular.”
During the hack attempts, the hot wallets of the victims were targeted through different techniques like code exploits, and phishing lures. The Lazarus Group has been linked to ransomware attacks on traditional companies like Sony Pictures, though it has evolved into attacking crypto platforms.
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