Infamous North Korean Hacking Group Steals $571 Million in Cryptocurrency

The North Korean Hacking Group, Lazarus has managed once more to embezzle more than a billion dollars in cryptocurrency. The group has purportedly done such sorts of thefts since January 2017, amassing an enormous $571 million from the attacks. This was in accordance with an article published on Friday by The Next Web as well as the coming yearly report from the cybersecurity vendor Group-IB.


The claims made by some South Korean officials in February express that the North Korean hackers likely stole millions of dollars’ worth in cryptocurrency in the year 2017.


Since the beginning of last year, the greatest contribution that could be made in hacking outfits has been done by Lazarus, which stole $571 million in cryptocurrency. Their greatest plunder – $534 million originated from a solitary attack led earlier in January 2018.


As indicated by the eminent cybersecurity unit Group IB the hacking outfits are more acclimated with utilizing techniques extending from spear phishing to social engineering and malware introduction to compromising cryptocurrency exchange networks.


“After the local network is successfully compromised, the hackers browse the local network to find work stations and servers used working with private cryptocurrency wallets,” says the summary of an annual report prepared by the unit detailing the situation of hi-tech cybercrime trends across the globe. It also indicates that $882 million in cryptocurrency was stolen from exchanges in total from 2017 to 2018.


Massive phishing groups, as the report stated, are exploiting the users’ fear of missing out a major opportunity, baiting them to invest their resources into unauthentic projects on knockoff websites.

Group IB additionally states that the quantity of attacks focusing on crypto trades is probably going to rise further, with hackers of more conventional financial institutions, like the banks are being attracted to the space looking for enormous increases.


All the more worryingly, these thefts are prognosticated to increment similarly as with time, more and more aggressive hacking groups are likely to move towards cryptocurrency.

Leave a Reply