Organizations have lost approximately $ 1.59 billion to crypto scams over the last year alone. There have been a total of 15 major verified cases of crypto crime. The Ronin Bridge scam cost Axie Infinity players almost half a billion in crypto tokens. More recently, Harmony lost $100 million worth of digital coins to scammers. The United States, Russia, China, and the United Kingdom are the other top four nations that closely watch the hermit kingdom. Let us look at the nation that ranks first in blockchain-based frauds.
North Korea Becomes Cyber Hacking Superpower, With State-Sponsored DPRK Attacks
Coincub noted that North Korea has a large and well-organized cyber program, which may contribute to the global crypto crime rate. A majority of the country’s residents suffer from undernutrition, food insecurity, and a lack of access to essential services. Internet access is not available to them. However, the nation has emerged as a superpower when it comes to hacking. North Korea has created a breed of hackers who are responsible for some of the most serious breaches despite being economically isolated. North Korean hackers have committed a number of lucrative cyberattacks to steal money for the nation’s weapons programs. Due to Pyongyang’s control over internet access, any attacks coming from the DPRK are certainly state-sponsored, according to the research.
With the money it makes, the nation’s cyber army attacks public and private institutions across the globe. There was a significant tipping point in the crypto industry in 2020–2021. During this time period, North Korean hackers controlled and attacked these sites seven times to fund their nuclear development, according to a UN assessment. Despite severe international sanctions, the nation generates revenue online through cryptocurrency, but all of these transactions are fake. South Korea still has the most targeted exchanges. As an example, DPRK hackers attacked Bithumb four times. In total, $60 million was received by the latter.
Lazarus Group’s Threat Actors Targets Russia, Ukraine, India & Axie Infinity’s Ronin Bridge
One of the most important hacks in recent years was carried out by the Lazarus Group, a state-sponsored hacking collective. Over the course of more than 7 hours, almost 200,000 machines were affected across 150 nations. The main targets were Russia, India, Ukraine, and Taiwan. Earlier this year, the team stole more than $620 million from the Ronin bridge of Axie Infinity.
There is a possibility that the DPRK’s cyber program, which currently employs 7,000 people and has activities in more than 150 nations, has carried out several heists that have never been verified. DPRK hackers are currently attacking DeFi as a result of the rapid changes in the crypto realm, according to multiple US intelligence agencies. With its illegal stash of coins and tokens, one of the world’s most violent and totalitarian countries may have been leading in cryptocurrency crime despite the current market dip. CryptoPotato reports that North Korean bad actors have also been affected by the market crash. The repeated drops in crypto markets may have limited North Korea’s ability to commit more heists and cyberattacks.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
