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United States Security Bodies Blame North Korean Hackers In $250 Million Cryptocurrency Fraud

  • Two individuals named Tian Yinying and Li Jiadong were accused by the FBI, Department of Homeland Security and the US Internal Revenue Service this week.
  • A total of $250 Million worth of Cryptocurrency were looted, $94 Million in Bitcoin (10,777 BTC).
  • The Cybersecurity group had the upper hand due to much negligence by the hackers.

Two individuals named Tian Yinying and Li Jiadong were accused by the FBI, Department of Homeland Security and the US Internal Revenue Service this week over the alleged involvement of the two individuals in hacking and conspiring of theft of $250 Million worth of Cryptocurrency from an unnamed exchange company.

To bring the individuals to legal justice, they have to step into the US soil which the agencies think they will not do and hence that no justice can be carried out. The US officials have submitted a PDF report on how the individuals have laundered money and have run an online exchange business without any license from regulators.

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The process of hacking started in the mid of 2018 when the unnamed exchange platform received and accepted a malware through email, which gained remote access of the site by decrypting security measures and copying all private keys of the wallet. And made transactions or withdrew all the capital through Bitcoin, Ethereum, Litecoin, and Dogecoin.

The employee of the exchange firm accepted the email as one from a client. A total of $250 Million worth of Cryptocurrency were looted, $94 Million in Bitcoin (10,777 BTC) and other $131 Million in Ethereum (218,790 ETH) and the rest in other digital coins.

The hackers masked their hack using many numbers of complex transactions through various accounts where the large account was transferred to other accounts in small numbers.

They invested half of the stolen crypto into a company of their own dubbing as an online Crypto exchange company which was named Celas. However, when the cybersecurity joined forces to evaluate the website, and they found the website as malware that collected personal data such as passwords and private keys.

The company sent many phishing emails to lure the uses into thinking that it is security download. To make it more realistic, the hackers opened many accounts on the social media platforms to make the users believe it as a real platform.

The Cybersecurity group had the upper hand due to much negligence by the hackers and found back door entry to the website and gained access through the heavily encoded website with masked VPN.

The continued threats and hacks of virtual currencies possess multiple risks of the global economic crisis said a US official on this matter.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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