US Warns against North Korea-Sponsored Threats on Crypto Platforms

Multiple United States agencies have raised a joint alarm against the risks of cyberattacks on cryptocurrency platforms by North Korean state-sponsored hackers. The warning came after the US Treasury tied the Ronin Network hack to the notorious Lazarus Group.

The warning notice, released on Monday by the Federal Bureau of Investigation (FBI), the Cybersecurity and Infrastructure Security Agency (CISA), and the Treasury, also named other North Korean hacker groups, including APT38, BlueNoroff and Stardust Chollima, that are also active and targeting blockchain platforms.

All of these hacker groups are targeting a wide range of blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term platforms that include “cryptocurrency exchanges, decentralized finance (DeFi) protocols, play-to-earn cryptocurrency video games, cryptocurrency trading companies, venture capital funds investing in cryptocurrency and individual holders of large amounts of cryptocurrency or valuable non-fungible tokens (NFTs).”

Hundreds of Millions of Dollars Siphoned

According to a Chainalysis report, North Korean hackers stole almost $400 million in cryptocurrencies from attacking crypto platforms. But, the Lazarus Group alone siphoned around $625 million worth of cryptos from the Ronin Network last March.

The US Treasury directly linked Lazarus to the Ronin hack and sanctioned an Ethereum wallet tied to the attack. Now any known entity making transactions with that sanctioned wallet address will also risk US sanctions. Moreover, it is the first time the US sanctioned a North Korea hacker-linked crypto wallet.

Despite the alerts and the tightening of cybersecurity Cybersecurity Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Read this Term, the US agencies do not believe to see a downturn in such attacks on crypto platforms anytime soon.

“These actors will likely continue exploiting vulnerabilities of cryptocurrency technology firms, gaming companies, and exchanges to generate and launder funds to support the North Korean regime,” the government’s warning stated.

Earlier, a United Nations report revealed that the North Korean regime is using the stolen cryptocurrencies to fund its nuclear missile programs. A US court recently jailed the Co-Founder of Ethereum, Virgil Griffith, for educating North Koreans on the use of cryptocurrencies to evade sanctions.