$571 Million in Cryptos Stolen By North Korean Hacking Group Lazarus

Lazarus, a notorious North Korean hacking group stole over half a billion dollars in cryptocurrencies as the report indicates.

Lazarus was behind 14 hacks on crypto exchanges since January 2017, reaping a massive $571 million from the attacks. Officials in South Korea said in February that North Korean hackers likely stole tens of millions of dollars’ worth in cryptocurrencies in 2017.

Cybersecurity vendor Group-IB has indicated that $882 million in cryptocurrency was stolen from exchanges in total from 2017 to 2018. Further statements include that a rise in the number of attacks targeting crypto exchanges is likely with hackers of more traditional financial institutions such as banks being drawn to the space seeking big gains.

Authorities have said phishing scams and other criminal methods had yielded tens of billions of won in customer funds and methods such as spear phishing, social engineering and malware are the most widespread tools of the illicit trade.

Hackers have made off with 10 percent of the funds raised by ICO platforms since early 2017, with phishing the most common means of attack.

“After the local network is successfully compromised, the hackers browse the local network to find workstations and servers used working with private cryptocurrency wallets.”

Failure by overzealous and excited investors to ascertain the security and precautions were at risk because they were over-hyped to participate in token sales and fell prey to fake websites.

Link to the original news article can be found here on Coindesk.

To control hacks and other thefts, a Cryptocurrency Theft Insurance scheme is necessary. Many companies have been working to form a means of providing insurance for people who lose their crypto assets.

With the continuous increase in Crypto thefts, a company providing Insurance against Crypto Theft should soon arise.

 

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