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North Korean Hackers Break Records with $1 Billion Cryptocurrency Theft

Finance Magnates

Cryptocoins News / Finance Magnates 25 Views

A recent report has unveiled a concerning surge in cyber-attacks orchestrated by North Korea-linked hackers, indicating a growing trend in the targeting of cryptocurrency assets. The analysis firm's findings revealed that in 2023, these hackers conducted a staggering 20 attacks, marking the highest number recorded since such record-keeping began in 2016.

North Korean Cyber Threats Intensify: Kimsuky and Lazarus Group on the Radar

While the total value of stolen cryptocurrency witnessed a drop from the previous year, decreasing from $1.7 billion in 2022 to slightly over $1.0 billion in 2023, as reported by Chainalysis. The rise in the number of hacking incidents raises alarms within the cybersecurity community. The report highlights the persistent threat posed by North Korean cyber-espionage groups, including Kimsuky and Lazarus Group, who employ various malicious tactics to accumulate substantial amounts of crypto assets.

The breakdown of the stolen funds indicates that North Korea-linked hackers targeted various sectors within the cryptocurrency ecosystem. In 2023, approximately $428.8 million was stolen from decentralized finance (DeFi)platforms, reflecting a notable decrease in comparison to previous years. Despite this drop, the overall number of hacking incidents targeting DeFi protocols remained a cause for concern.

Centralized services were not immune to the onslaught, with hackers making off with $150.0 million, while exchanges and wallet providers experienced losses of $330.9 million and $127 million, respectively. This diversification of targets underscores the adaptability and evolving strategies employed by North Korean hackers to exploit vulnerabilities across the cryptocurrency landscape.

Cybersecurity Alert: Surge in 2023 Hacking Incidents Sparks Vigilance Call

The report emphasizes that the surge in the number of hacking incidents in 2023 is a cause for heightened vigilance, even though the total value of stolen cryptocurrencydecreased. The cybersecurity community is urged to remain proactive in developing countermeasures to protect against the persistent and evolving threats posed by North Korea-linked hacking groups.

As governments, organizations, and individuals continue to navigate the complex landscape of cybersecurity, the need for collaborative efforts and robust defense mechanisms becomes increasingly paramount to safeguard the integrity of the cryptocurrency ecosystem.

This article was written by Tareq Sikder at www.financemagnates.com.
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