Hacking Group Lazarus Steals $571 Million in Cryptocurrency

A North Korean hacker group called, The Lazarus Group has stolen cryptocurrencies worth a total of $571 million. The Lazarus Group is believed to be the biggest crypto syndicate in the world.

THE LAZARUS GROUP

As per the report acquired by HardFork, Cybersecurity outfit group-IB the Lazarus Group is responsible for 14 attacks on cryptocurrency exchanges since January 2017, stealing $571 million worth cryptocurrencies. This groups is behind many hacks spanning from government to banks around the world.

The data from Group-IB suggests majority of the exchanges hacked were the South Korean exchanges like, coinrail, Bithumb & Youbit. This data appears to concur with the accusations made by the South Korea’s intelligence community.

The Group is also known as Hidden Cobra, currently being investigated by the FBI and Homeland Security in the US is responsible for the Sony Hack in 2014, the Wannacry Ransomware attacks etc.

Hackers target exchanges through tools like spear phishing, social engineering and malwares. The report says, “Spear phishing remains the major vector of attack on corporate networks. For instance, fraudsters deliver malware under the cover of CV spam [with an attachment] that has a malware embedded in the document.”

Fraudulent phishing-schemes

Group-IB expects the targets on exchanges to rise over time and not just from the Lazarus group. According to the report, large phishing groups are stepping up their game by stealing $1 million a month.

Lazarus group has stolen a total of 10 percent of all ICO funds over the past year and half. And hackers are even building fraudster websites from these stolen money to lure in people.

Group-IB warned saying, “Fraudulent phishing-schemes involving crypto-brands will only get more complex as well as cybercriminals’ level of preparation for phishing attacks.” Continuing further the group said, “Automated phishing and the use of so-called ‘phishing-kits’ will become more widespread, including for the attacks on ICOs.”

The cybersecurity group sees a possible future where The Lazarus Group could even be capable of targeting hacks on large mining pools as even 51 percent attacks are on the rise.

The report concludes saying, “In 2017, no successful 51-percent attacks were detected, but they are now [happening] more often. In the first half of 2018, five successful attacks were registered with direct financial losses. These wre ranging from $0.55 million to $18 million.”

So be intelligent enough to store your crypto funds in a cold storage wallet. Storing your assets on the exchange is the first mistake to losing your hard earned money. 

Show More

Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

6 + 2 =

Back to top button
Close