North Koreas $571 million crypto hack

penglund March 8, 2019 4 0

A U.N panel has confirmed in a report that North Korea have stolen at least $571 million in crypto exchange hacks. These hacks has been part of a new wave of thefts coming out from North Korea. These has been part of a tactic to circumvent sanctions against the country. Between January 2017 and September 2018 North Korea launched at least five successful attacks on Asian cryptocurrency exchanges where they have successfully stolen at least $571 million (Nikkei Asian Review).

In an unregulated market North Korea can continue to launder and steal funds

In totalt North Korea have stolen around $670 million in both crypto and foreign fiat currencies. This is not something that has been pulled together by some small group in the sides, but it’s a clear and concise strategy that has been going on for some time now. This is method they’ve put in place to avoid paying sanctions. And they have also for example engaged in extended amount of money laundering using cryptocurrencies.

The U.N panel recommends that all member states goes through their own security features in place to protect themselves against North Korea. As these reports of stolen funds are part on an ongoing series of criminal activity.

North Korea targets both crypto exchanges and individuals

The group of hackers that has been partly named responsible for some of the stolen funds from crypto exchanges has been named Lazarus. They have also beyond crypto been named as the group responsible behind the Sony hack and a Bangladesh bank robbery. What is also important to note, that both Lazarus and other groups have continued to target both exchanges, but also individuals in various activities.

Remember to protect yourself and your funds at all times

Security experts and crypto professionals continues to recommend that the individual can do a lot to protect themselves against crypto hacks and other scams. It is up to the individual to make sure they’re not keeping too much funds on an exchange for example. And keeping what funds they do have on a hardware wallet at most times.

If you are unsure about the risks with crypto, and how you can today protect yourself against hacks, scams and thefts then please have a look at this guide below.