North Korea’s $659M Crypto Heist: US Reveals Massive State-Backed Digital Theft

North Korea's $659M Crypto Heist: US Reveals Massive State-Backed Digital Theft

North Korean Cyber Heists: A Growing Global Threat

North Korean state-sponsored hackers have orchestrated cryptocurrency thefts totaling $659 million, according to a joint statement from the United States, South Korea, and Japan. The announcement highlights ongoing threats to blockchain technology companies and the global financial system.

Major Cryptocurrency Heists:
– WazirX (India’s largest Bitcoin exchange): $235 million
– DMM Bitcoin: $308 million
– Upbit: $50 million
– Rain Management: $16.13 million
– Radiant Capital: $50 million

According to Chainalysis, the actual damage is more severe, with North Korean hackers stealing $1.34 billion in 47 cyberattacks during 2023, surpassing their 2022 record of $1.1 billion.

IT Worker Infiltration Scheme:
North Korean operatives, self-dubbed “IT warriors,” have been:
– Impersonating U.S.-based IT professionals
– Using stolen identities and AI tools to pass background checks
– Infiltrating companies through remote work positions
– Attempting to install malware once hired
– Extorting former employers with stolen information

Preventive Measures:
– The U.S. State Department offers $5 million rewards for information on North Korean front companies
– Authorities identified Yanbian Silverstar and Volasys Silverstar as key front companies that generated $88 million through illegal IT work
– Companies are advised to implement thorough screening processes and enhance cyber threat mitigation measures

The joint statement emphasizes the critical need for private sector vigilance, particularly in blockchain and freelance industries, to prevent inadvertent hiring of North Korean operatives and protect against cyber threats.

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