Hackers affiliated with N.Korea attack cryptocurrency projects, Pointing sector weaknesses
Date
3/24/2024 2:43:01 AM
(MENAFN) Cryptocurrency companies are facing a heightened threat from North Korean-backed hackers, who have recently conducted a series of attacks resulting in the theft of millions of dollars in customer funds. A report from the Taiwanese newspaper "Taipei Times" sheds light on the alarming trend, emphasizing the vulnerability of small and emerging companies that often lack robust security measures due to budget constraints.
The attacks underscore the challenges faced by companies in the cryptocurrency sector, where security breaches can have devastating financial consequences. According to Ari Redbord, head of policy at TRM Labs, enhancing cyber defenses is crucial in combating such threats. TRM Labs specializes in assisting financial institutions and government agencies in investigating money laundering and cryptocurrency-related fraud.
Emunify, a platform that incentivizes individuals to identify and report security flaws in software, highlights the substantial financial toll of hacks and fraud within the cryptocurrency industry. Estimates suggest that such incidents cost the industry approximately USUSD1.8 billion last year, although this figure represents a decline of about 50 percent from 2022. However, the data from Emunify also reveals that the North Korea-linked Lazarus Group was responsible for nearly a fifth of the total losses, indicating the group's increasing sophistication and impact.
Further exacerbating the situation, a report released by Chainalysis in January indicates a sharp rise in cryptocurrency hacks linked to North Korea, reaching a record high in the previous year. This escalation in attacks underscores the urgent need for enhanced security measures and vigilance within the cryptocurrency industry to mitigate the risks posed by malicious actors.
MENAFN24032024000045015682ID1108014323
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.