Tuesday, October 4, 2022

North Korean hackers were responsible for a huge $620-million cryptocurrency theft

According to US officials, a $620 million cryptocurrency theft targeting gamers of the popular Axie Infinity game has carried out by North Korean hackers last month. The cryptocurrency sector has widely known due to celebrity endorsements and promises of unlimited riches. However, the breach has raised serious concerns about the security of the industry.

Axie Infinity is a game in which users may earn cryptocurrency by playing or exchanging their avatars. The robbery occurred just a few weeks after burglars made it with $320 million in a similar raid.

FBI claimed that investigators were able to identify Lazarus Group and APT38 as the perpetrators of the theft. Both are North Korean cyber actors. After suspect of hacking Sony Pictures Entertainment in retaliation for the satirical film ‘The Interview’, the Lazarus Group acquired attention in 2014.

North Korean hackers are unique in its use of organised crime syndicates that specialise in cryptocurrency theft. It is also in their national security interest. North Korea has strongly sanctioned to commit bitcoin thefts.

Chainalysis stated that North Korea stole $400 million worth of cryptocurrencies through cyberattacks on digital currency exchanges. During the robbery of Axie Infinity, Sky Mavis discovered flaws in the set-up and exploited them.

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