Hacker Group from North Korea steals half a billion dollars in Cryptocurrency

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There has been news regarding various frauds in the crypto world. In addition to this, the crypto-market has been extremely volatile and has seen many ups and downs. In this volatile market, a North Korean hacking group by the name Lazarus has stolen cryptocurrencies worth more than half a billion dollars.

The Next Web stated some findings from the annual report of cybersecurity vendor Group-IB on Friday- Lazarus has been the culprit behind 14 hacking attacks on cryptocurrency exchanges since January 2017 and have stolen about $571 million.

Lazarus is a hacking group and it has been linked to a series of crypto-attacks against many people including banks and government agencies across the world. The Lazarus cybercrime group launched a highly sophisticated Bitcoin-stealing phishing campaign and named it ‘HaoBao’. They targeted global financial organizations and Bitcoin users to steal cryptocurrencies.

Hackers have been targeting cryptocurrency exchanges with tactics such as spear phishing, social engineering, and malware. Group-IB expected that the number of targeted attacks on cryptocurrency exchanges will rise and this is not just because of Lazarus. About 10 percent of the total funds have been raised by Initial Coin Offering (ICO) platforms since the last year and half of this has been stolen by fraudsters. One report suggested that large phishing groups have the capacity to steal currency worth $1 million in a matter of 30 days.

Fraudsters are as well building fake websites by utilizing the stolen cryptocurrency project descriptions and plagiarized white papers.

A group warned thus– “Fraudulent phishing-schemes involving crypto-brands will get more and more complex, so will the cybercriminals’ level of preparation for a counter-attack against these phishing attacks.”

Some security researchers claimed that the North Korea-based advanced persistent threat (APT) groups have been increasing the number of attacking financial institutions and Bitcoin exchanges. On an average, there were five new threat samples every second and this resulted in a massive 629 percent growth in the crypto hacking and cryptocurrency mining malware in the first quarter of 2018.

A recent report from the global cybersecurity firm McAfee said- “This coin miner malware grew a whopping 629 percent to 2.9 million in the first quarter of 2018, whereas there were only around 400,000 total known samples in Q4 2017.

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