FBI Claims North Koreas Lazarus Hackers Pilfered $41 Million from Cryptocurrency Gambling Platform

FBI Claims North Koreas Lazarus Hackers Pilfered $41 Million from Cryptocurrency Gambling Platform

Github’s Warning: DPRK Hackers Target Cryptocurrency and Gambling Sites

In July, Github announced a warning about the targeting of cryptocurrency and gambling sites by hackers from North Korea. Now, the Federal Bureau of Investigation (FBI) has confirmed that the Lazarus Group, a hacker collective linked to North Korea, was in charge of the recent attack on Stake, a cryptocurrency casino and betting platform.

The FBI revealed that the Lazarus Group managed to steal a staggering $41 Million in numerous digital currencies from Stake.com. This incident serves as a critical reminder of the constant threat posed by state-sponsored hackers, particularly those from North Korea, to the entire cryptocurrency industry.

Known as APT38, the Lazarus Group is notorious for orchestrating attacks on corporations, exchanges, DeFi protocols, and bridges, resulting in the theft of hundreds of millions of dollars in cryptocurrency. According to United States authorities and the United Nations, these illicit activities fund North Korea’s nuclear weapons program.

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When it comes to Stake.com, the hack carried out by the sophisticated Lazarus Group involved the leakage or theft of a private key to a hot wallet, rather than exploiting a bug in a smart contract. The stolen funds are spread across the Ethereum (ETH), BSC, Polygon, and Bitcoin (BTC) blockchains.

Notably, Github had previously identified North Korean hackers engaging in low-level social engineering campaigns against employees of cryptocurrency, blockchain, and gambling-related corporations. In addition, Lazarus was implicated in the Axie Infinity Ronin Bridge hack a year ago, which resulted in the loss of over $600 Million worth of cryptocurrency. Prosecutors are as of now pursuing legal action against a developer accused of creating a mixer used to launder those funds.

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Hot Take

The involvement of the Lazarus Group in the recent cryptocurrency hack serves as a stark reminder of the persistent threat posed by state-sponsored hackers. As a cryptocurrency reader, it is critical for you to stay vigilant and take necessary precautions to protect your digital assets. Understanding the strategies employed by hackers, such as social engineering and exploiting vulnerabilities in key management, can help you safeguard your cryptocurrency holdings. By remaining notified and adopting robust security measures, you can contribute to the resilience of the cryptocurrency industry against these malicious actors.

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Author – Contributor at Lolacoin.org | Website

Cora Skindell is a standout figure in the world of cryptocurrency analysis, research, and editorial expertise. As a seasoned crypto analyst and researcher, Cora’s insights delve deep into the complexities of digital assets, resonating with a diverse audience. Her ability to dissect intricate crypto concepts is complemented by her adept editorial skills, enabling her to distill complex information into easily understandable content.

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