Cryptocurrency companies have long been targets of North Korean hackers looking to steal funds to support the country’s weapons programs. According to the FBI, North Korean hacking groups recently stole over $40 million in Bitcoin in just 24 hours. The FBI provided a list of Bitcoin wallets where the stolen funds were transferred and warned cryptocurrency firms to watch for suspicious transactions that may be tied to the theft.
This bitcoin heist is just the latest in a string of cryptocurrency thefts attributed to North Korea this summer, including the theft of $100 million from Atomic Wallet, $60 million from Alphapo, and $37 million from CoinsPaid. The FBI believes North Korea may try to cash out the stolen bitcoin soon.
One of North Korea’s most successful hacking groups is TraderTraitor, also known as APT38 or BlueNoroff. TraderTraitor is blamed for stealing $620 million in Ethereum last year and the 2016 hack of Bangladesh’s central bank that netted $80 million. The group often impersonates venture capital firms to trick targets into downloading malware.
According to US officials, TraderTraitor has focused on cryptocurrency companies since 2020, using spear phishing emails posing as job recruitment to infect victims’ devices. The FBI and State Department have offered rewards for information on North Korean hacking groups.
To combat these threats, government agencies recommend cybersecurity best practices like patching, multifactor authentication, and training staff on phishing. They also suggest endpoint detection, email filtering, disabling macros, and monitoring employee downloads.
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