North Korean Hackers Steal Record Sums, Researchers Say
A record-breaking $2 billion has been stolen by North Korean hackers this year, according to researchers at the firm Elliptic. The regime-linked operatives have increasingly targeted wealthy individuals holding cryptocurrency, exploiting their lack of robust security measures.
The Lazarus Group, a hacking team linked to North Korea, has been responsible for the majority of these thefts. Investigators warn that the true figure could be even higher, as many hacks go unreported due to the difficulty in attributing cyber thefts to the regime.
"The targeting of individuals is a new trend," said Dr. Tom Robinson, chief scientist at Elliptic. "They often lack the security measures employed by businesses, making them an attractive target for hackers."
The stolen funds are believed to be used to finance North Korea's nuclear weapons and missile development programs. Western security agencies have been monitoring the situation closely.
North Korean hackers have been targeting cryptocurrency companies for large thefts of digital tokens in recent years. However, researchers say that wealthy individuals holding cryptocurrency have become increasingly attractive targets due to their lack of robust security measures.
The Lazarus Group has been linked to several high-profile hacks, including the 2014 Sony Pictures hack and the 2018 Bangladesh Central Bank heist. The group's tactics have evolved over time, with a focus on exploiting vulnerabilities in cryptocurrency exchanges and wallets.
According to United Nations' estimates, North Korea's hacking operations now account for around 13% of its gross domestic product (GDP). This has raised concerns about the regime's reliance on cybercrime to finance its military programs.
The implications of these hacks are far-reaching. As more individuals turn to cryptocurrency as a store of value, they become increasingly vulnerable to attacks from sophisticated hackers like those linked to North Korea.
Researchers warn that the situation is likely to continue unless action is taken to improve security measures for individual cryptocurrency holders. "We need to see greater awareness and education among cryptocurrency users about the risks they face," said Dr. Robinson.
The current status of these hacks remains unclear, but one thing is certain: the threat posed by North Korean hackers will continue to evolve as long as there are vulnerabilities to exploit.
In the next few months, researchers expect to see more sophisticated attacks on individual cryptocurrency holders. As the use of cryptocurrency continues to grow, so too will the number of targets for these hackers.
The situation highlights the need for greater cooperation between governments, security agencies, and the private sector to combat cybercrime. Until then, individuals holding cryptocurrency must remain vigilant against the threat posed by North Korean hackers.
*Reporting by Bbc.*
