North Korea’s Lazarus Group Steals $571 Million in Cryptocurrencies

Repeated cyber hacks and attacks on crypto exchanges has let down the confidence of investors’ to participate in the crypto market. Security of investors’ funds is compromised repeatedly and is one area that requires serious attention.

North Korea’s notorious hacking group “Lazarus” has stolen more than half-a-billion worth cryptocurrencies, reports The Next Web. Citing a report from cybersecurity vendor Group-IB, the publication notes that “Lazarus” has been involved in 14 hacks so far since January 2017. The notorious hacking group has managed to erode $571 million worth of cryptocurrencies from these attacks.

The Group-IB report also notes that $882 million have been stolen so far from crypto exchanges in 2017 and 2018. The report from security provider notes that the number of attacks targeting crypto exchanges are likely to increase further.

The Lazarus Group hackers used some of the traditional hacking methods like social engineering, spear phishing, and malware. The report notes: “Spear phishing remains the major vector of attack on corporate networks. For instance, fraudsters deliver malware under the cover of CV spam [with an attachment] that has a malware embedded in the document. 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.”

The Group-IB report also notes that hackers have made 10 percent of the funds raised through ICO platforms since 2017. The report also notes that highly enthusiastic investors are rushing to participate in ICO token sales without considering the security risks. In this rush, investors are often falling prey to tricks played by fake websites and projects.

The report also notes that mining pools are an attractive target for hackers, saying that bad actors can take 51% charge of the crypto network.

The Lazarus Group, also known as HIDDEN COBRA is very notorious with several high-profile attacks conducted by them since 2009. The group has been recently focusing on cryptocurrency. Moreover, the group take benefit that a majority of the crypto industry still function out of the regulatory observation.

The group has been recently using a malware called AppleJesus specifically targeting Mac users. It is even being said that the hacker group is state-sponsored to help the country circumvent sanctions coming from the United States.