United States jurisdiction body recently said that North Korean hackers were deeply involved in carrying out well-planned cyber attacks associated with cryptocurrencies. These attacks were carried out on the world’s strongest economy at large-scale to slow down the economic growth.
The recent attacks on Binance by anonymous hackers ruffled the crypto-space. Hacking attempts have been consistently rising, leading many to question the security of crypto-exchanges and wallets. The mishandling of a lot of private keys had reportedly led to several theft attempts by North Korean hackers.
North Korea today is struggling in the face of international sanctions imposed against it, led by the United States. The US and North Korea have always been at odds over the years, most recently over North Korea’s secret nuclear program. The imposition of sanctions was an attempt at stifling North Korea’s attempt at stalling this program.
However, sanctions have had other social and economic effects as well, which is why North Korea-led crypto-crimes has been on the rise lately.
According to Tonya Ugoretz, the Deputy Assistant Director of the Cyber Intelligence Unit at the Federal Bureau of Investigation, apertures in the crypto-space are allowing North Korean hackers to steal cryptocurrencies worth several million dollars.
Ugoretz further added,
“Sanctions are having an economic impact, so cyber operations are a means to make money, whether it’s through cryptocurrency mining or bank theft.”
Erin Joe of the Cyber Threat Intelligence Integration Center [CTIIC] revealed that North Korean hackers committed cyber attacks to ransack cryptocurrencies. These attacks include acts such as crypto-jacking as well as the illicit sharing of crypto-malware.
“There is a huge effort in the FBI, and also several other entities across government, looking at ways to stop malicious activity associated with cryptocurrency. It comes with a variety of issues that authorities need to learn more about, so that they can look for ways to prevent malicious entities from exploiting loopholes in computer systems throughout the world.”