North Korea on Verge of Another Cyber Attacks on Crypto Organizations
Arthur Cheong, founder of DeFiance Capital, warned that North Korea will look to intensify its efforts hacking crypto organizations and called on the said firms to strengthen their cyber security.
He added that the said nation will look to devote more resources to launching cyber attacks on crypto-related startups. He added that prominent organizations are the targets and following the recent success it had in this field.
Arthur claims to be a recent victim of cyber assault and advised crypto firms to take extra care when hiring remote teams, have dedicated computers for crypto transactions and revoke unnecessary token approvals.
DeFiance Capital founder said it was critical that the industry is highly aware that we are being targeted by a state-sponsored cybercrime organization that is extremely resourceful and sophisticated.
Ronin Network Fell Victim to North Korea
On March 29, it was confirmed that Ronin Network was hacked and a sum of $625 million was stolen. It was reported that the attackers exploited Sky Davies (the gaming company behind Axie Infinity) and Axie DAO (the official validator representing the Axie community) private keys to gain access into the network and access the funds.
Last week, the United States Office of Foreign Asset Control (OFAC) on Friday tracked the stolen cryptocurrencies from the Ronin Network to an address on by the North Korean-backed hacker Lazarus group.
The agency on Thursday disclosed that it had sanctioned the account, adding the group to the SDN list. The threat actors, also known as APT-C-26, have been on other watchlists due to its previous campaigns.
Several attacks were also recorded in 2021 connected to North Korea. The country, through its hackers carted away with more than $400 million following various assaults on prominent crypto organizations. The funds are said to have been used to sponsor a nuclear weapons project that is currently ongoing.
