In a display of trilateral cooperation, US, Japan and South Korea have issued a joint statement warning the global cryptocurrency industry about the escalating threat posed by cyberattacks linked to North Korean actors. The announcement was made on 14 January 2025.
“The United States, Japan, and the Republic of Korea advise private sector entities, particularly in blockchain and freelance work industries, to thoroughly review these advisories and announcements to better inform cyber threat mitigation measures and mitigate the risk of inadvertently hiring DPRK IT workers,” the joint statement read.
Joint Warning Sheds Light On Advanced Methods Employed By Hackers
NEW – The FBI says North Korea’s Lazarus Group was behind an attack on Bahrain-based crypto platform Rain, which led to the loss of over $16 million earlier this year.
And it all began on LinkedIn, where the hackers were masquerading as recruiters…
https://t.co/7olhnSkK3M— Thomas Brewster (@iblametom) December 4, 2024
The joint warning specifically highlights the activities of the infamous Lazarus Group, a hacking collective allegedly tied to the Democratic People’s Republic of Korea (DPRK).
Known for its highly strategic cybercrime campaigns, the Lazarus Group has been implicated in several high-profile cryptocurrency heists.
In 2024 alone, attacks linked to North Korean actors targeted major platforms such as DMM Bitcoin, Upbit, and Rain Management. This resulted in cumulative losses exceeding $370 million.
In 2023, North Korean hackers were responsible for a $235 million breach at WazirX. They were also responsible for a $50 million theft from Radiant Capital.
These incidents illustrate how DPRK-affiliated groups are leveraging evolving tactics to exploit vulnerabilities across the crypto ecosystem.
Social engineering and malware remain central to the operations of North Korean hackers.
Tools like TraderTraitor and AppleJeus have been deployed in targeted attacks designed to infiltrate systems and compromise sensitive data. These tools often masquerade as legitimate software applications to deceive victims into downloading them.
Explore:Crypto Developments In Asia: WazirX’s Attack Linked To North Korea
Crypto-Related Fraud Resulted In $2.3 Billion In Losses Globally In 2024, Of Which $1.3 Billion Was Attributed To North Korean Actors
The financial impact of North Korean cyberattacks on the crypto sector is staggering.
According to blockchain security firm Cyvers, crypto-related fraud resulted in $2.3 billion in losses globally in 2024. Of this amount, $1.3 billion was directly attributed to security incidents involving North Korean actors.
There was a 103% increase from the $660 million stolen in 2023. This sharp rise underscores the growing threat these actors pose to businesses and investors alike.
Explore: South Korea Links $42M Upbit Crypto Heist To North Korea
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