North Korean hackers break into crypto exchange, steals millions

  • KuCoin, a crypto exchange has been hacked by a group of hackers from North Korea
  • The heist group was named Lazarus, and it was a big win-win situation for them
  • The Lazarus’ have a very specific way of hacking, which makes it quite evident that they are the one behind it

KuCoin, a crypto exchange, has been hacked by a group of hackers from North Korea. It happened to become the biggest crypto heist in the past one year which summed up to a total of $275 million. In the past one year, on adding up the value of all the crypto thefts, it would sum up to just half of this enture heist that took place. This theft was tracked by the Chainalysis groups and seemed to be huge news. KuCoin is based in Singapore, and permits crypto exchanges using BTC, ETH, etc. 

The heist group was named Lazarus, and it was a big win-win situation for them. After such an attack from the Korean side, there is a small prediction that the fraudulent crypto money is being used by the North Koreans for Nuclear project fundings, making it a matter of huge concern. Such a theft proved to create a huge void and made the entire crypto, as well as the virtual economy to face a downfall, with a huge amount of loss. A secret document from the US mentioned that a total record of $316.4 million had been stolen by the Birth Koreans altogether.

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This demands to be one of the major reasons for the huge crisis in the financial domain, which also includes the digital currency industry. The law enforcement board was able to find some link between the hack and the North Korean hackers, by carefully studying their techniques of money laundering. The Lazarus’ have a very specific way of hacking, which makes it quite evident that they are the one behind it. Kim Grauer, the leader of Chinalysis, mentioned that the hackers had a fingerprint technique of transacting the laundered assets. 

ALSO READ – VIRGIL GRIFFITH, AN ETHEREUM DEVELOPER, PLEADS GUILTY TO A CONSPIRACY CHARGE IN THE NORTH KOREA SANCTIONS CASE

With such a huge heist, the analysts believe that the hackers from North Korea might be taking advantage of creating small spaces in the financial domain of the country, which has been fueled by the pandemic situation, which has destroyed the economy of North Korea, thus making the country feed for money via hackers. Considering the Korean GDP, an amount of 1.75 billion dollars, makes a huge mark in their economy. The future might see an increase in North Korean hackers making their way into the crypto industry and leading to huge losses. 

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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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