north korea bitcoin

North Korea has recently sponsored a hacking group known as the Lazarus group, which is going beyond the popular ransomware attacks aimed at the cryptocurrency, to actually enter the crypto space. The Lazarus Group has a series of accusations against them, most notably being the perpetrator of the WannaCry ransomware attacks earlier in the year. Many private companies along with some of the largest governments in the world have stated that the North Korean hacking group is to blame for these attacks, and it seems more than likely.

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The group has initiated several attacks on the cryptocurrency world, with attacks on several of the largest exchanges around the world in progress. Yonathan Klijnsma, threat researcher at RiskIQ stated that “earlier this year, the activities of the Lazarus group in South Korea were discussed and analyzed, as they managed to compromise accounts on various South Korean cryptocurrency exchanges. More recently, they were seen targeting a United Kingdom-based cryptocurrency exchange.” These attacks have hit some of the largest cryptocurrency exchanges in the world, with one of those being Youbit. Youbit had to declare bankruptcy after being hit and losing almost 17% of their assets to one of these attacks. These phishing campaigns as they are known, have been targeting many of the exchanges in large Western countries.

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Darien Huss, senior security researcher at Proofpoint, stated that “the Lazarus Group has increasingly focused on financially motivated attacks and appears to be capitalizing on both the increasing interest and skyrocketing prices for cryptocurrency.” Attacks like these serve to delegitimize cryptocurrency as a financial asset, and continue to put a bad taste in investors mouths. The hopes are high that the frequency of these attacks can slow down, and the cryptocurrency world can continue to reach new highs as the next year comes.


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