South and North Korea in Fresh Computing Hacking War Due to Cryptocurrency

North Korea is allegedly still hacking computers to collect or mine cryptocurrency to increase the revenue of the government.

This is according to South Korea’s intelligence service as the report appears on the United Press International. North Korean professional hackers also continue to tap computers in South Korea to steal confidential information. The state intelligence agency reports that they also hack abroad to steal data. The intelligence agency said that to the parliamentary audit committee on Wednesday.

US Cybersecurity Firm

In January, a US cybersecurity firm said that it found computers fit with malware, which might belong to North Korean hackers. The intention was to mine cryptocurrency Monero and take it to Kim II Sung University in North Korea. Cryptocurrency has become an alternative source of revenue for North Korean due to cash-strapping amid harsh global sanctions. The malware seems to be crypto-jacking host computer to mine Monero.

Crypto-jacking may sound complex but it is a very simple term. This is a kind of malicious hack that collects computer’s hardware data to collect cryptocurrency for another person. In this case, the North Korean hackers are mining cryptocurrencies for the state that is short in cash.

XMR Remain the Choice

Like before, XMR is still the number one choice for crypto-jacking hackers around the world. Additionally, the Monero is sent straight to Kim II Sung University. North Korean hacking guise “Lazarus” is one of the most profitable crypto-currencies hacker organizations around the globe. Since 2017, hackers have mined over $882M worth of cryptocurrencies from online crypto exchanges. However, no one had done better than the North Koreans.

Group-IB Annual Report

World-giant cybersecurity firm Group-IB is prepping to publish its yearly report on trends in high technology cybercrime. A summary seen by Hard Fork shows 14 different attacks on exchanges since January and calculates the North Korean group Lazarus to be responsible for over $571M of the ill-gotten gains. That’s slightly over half of what $882M. This must be an efficient group of hackers who have experience in the field of online crypto-hacking.

In the Mix

The Asian state is never far away from cryptocurrency latest headlines these days. We can only wait and see what the full report says about North Korea. We will also wait to see how much of cryptocurrency is lost from cybercrime.

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Mwere Jmaina

Mwere Jmaina is a guest author at Coinpedia

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