• Thu. Apr 25th, 2024

Federal Bureau Of Investigation Warns Crypto Companies About N. Korean Hackers

Maria Bartiromo

ByMaria Bartiromo

Aug 25, 2023

The US Federal Bureau of Investigation (FBI) has issued fresh warnings to entities offering crypto-related products and services, urging them to watch out for the activities of the notorious North Korean Hackers regarding the recent exploit involving the theft of over $100 million in digital assets.

According to the report, the FBI alleged in its report that some groups of hackers who are affiliated with TraderTraitor which belongs to the Democratic People’s Republic of Korea (DPRK) recently stole over $100 million in crypto assets across different crypto platforms. As such, the FBI is alarming all crypto exchanges and projects to be alert as the perpetrators would soon attempt to turn their lots into cash.

Furthermore, the Feds gave out a list of six blockchain addresses that have been heavily linked with the perpetrators’ activities, stating that crypto firms should properly verify blockchain data emanating from these wallets to track the activities of the bad actors and also stop them from making any further transactions.

In its press release on Tuesday, the FBI revealed that the groups of hackers that are linked with the DPRK recently moved about $41.8 million in BTC. In addition, the agency’s investigation showed that these bad actors that are affiliated with TraderTraitor have lost about 1,580 BTC from their attacks on different crypto platforms, and their lots are reportedly held in the listed wallet addresses. Hence they urged crypto firms to closely watch out for those listed wallets.

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FBI Urges Crypto Platforms To Lookout For Hackers Activities

Meanwhile, the Federal Bureau of Investigation pointed out that the two members of the DPRK’s TraderTraitor-associated who are heavily suspect3d for the countless attacks on the crypto industry are the notorious Lazarus Group and APT38. These hackers have exploited many crypto platforms through their malicious applications specifically designed to attack blockchain and crypto entities.

According to the United States Cybersecurity Agency, the TraderTraitor apps used by the perpetrators do not target companies alone, they can also be used to target individual investors. They simply offer false high paying jobs or other enticing activities to lure unsuspecting investors to download their crypto apps. Anyone who downloads it gives the hackers unrestricted access to his wallet & funds and thereby becomes a potential victim of crypto theft.

Meanwhile, in 2023 alone, the report stated that hackers have used the TraderTraitor applications to exploit many platforms. In June, the notorious groups reportedly stole about $60 million in digital assets from Alphapo protocol. In addition, the same group hacked Coinspaid and took away customers’ funds which were worth about $37 million.

However, before these attacks, they reportedly stole more than $100 million in digital currency from Atomic Wallet. Also, the investigators recorded that in 2022 the group attacked both Ron Bridge and Horizon Bridge which belong to the Sky Mavis protocol and the Harmony protocol respectively, carting away about $100 million. 

N. Korean Hackers Stole Stupendous Amount Of Crypto In 2022

They simply maneuver a bot in the Harmony security system which helps them breach the Horizon bridge, exposing them to its digital holdings. Meanwhile, the North Korean hackers reportedly stole a stupendous amount of cryptocurrency in 2022. Furthermore, the National Intelligence Service of South Korea stated on July 19 that the notorious North Korean hackers are responsible for the theft of about $700 million in crypto assets in 2022.

In addition, the report said the money stolen is enough to fund the country to fire about 30 ballistic missiles across the world. Not only that, they reported that the stolen money represented about 30% of the whole revenue the country generated from foreign activities.

Furthermore, Chainalysis, an on-chain crypto data firm, stated that 2022 holds the highest hacking rates ever recorded in the crypto industry, with about $3.8 billion stolen from the industry in that year alone. The report continued that in March and October 2022, the hacking rates significantly surged.

However, October reportedly holds the highest crypto hacking record for a single month with about $775.7 million in digital assets ripped off across 32 different hacks. Furthermore, the report showed that decentralized protocols (DeFi) are the major targets for hackers.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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