North Korean hacker steals $400m worth cryptocurrency

Chainalysis Company calls the hack of cryptocurrency one of the most successful hacks. The number of North Korea hacks leaped from four to seven. The growth in the value of hack accounts for 40% in total. Though the country continues to deny the very fact.

The company states, “The hackers used a number of techniques, including phishing lures, code exploits, and malware to siphon funds from the organizations’ “hot” wallets and then moved them into North Korea-controlled addresses.”

Cyberattacks tend to target investment firms. Every year centralized exchanges call out for loss of money to these hacks.

The vulnerable aspect of cryptocurrency is prone to hacking. Crypto networks are in direct contact with hot wallets. The platforms must offer better security. The end-to-end encryption during the transaction is usually missing.

The moving of cryptocurrency to “cold wallets” is recommendable. These wallets bear lesser risk. It also disconnects from the internet, making it safer.

The Lazarus group conducted many hacks last year. “WannaCry” ransomware attack traces their involvement. The hackers invaded Sony Pictures and International banks in 2014. The customer accounts also faced rage in the cyber attacks.

The hacks are in control of North Korea’s Primary Intelligence Bureau. A recent report states that to cover up and cash out, they began a preventive laundering process. However, the country continues to deny any connection with the hacks.

Pyongyang used stolen funds to produce nuclear weapons. The United Nations calls out North Korea as the guilty party. We all know the very intention of the country. It also focuses on supporting ballistic missiles with hacked money.

Last year in February, the US accused North Korean programmers. They were responsible for stealing more than $1.3 bn money and cryptocurrency. The cyberattack was very massive. It ended up disturbing the flow of money from banks to Hollywood.

Credits: BBC