North Koreas Lazarus Group Identified by FBI as Perpetrators of $41M Theft

North Koreas Lazarus Group Identified by FBI as Perpetrators of $41M Theft


The United States Federal Bureau of Investigation Identifies North Korean Hackers In charge of $41 Million Cryptocurrency Theft

The United States Federal Bureau of Investigation (FBI) has revealed that the Lazarus Group, an organization affiliated with North Korea, orchestrated the theft of $41 Million from the crypto-based sports betting platform Stake.com. This cybercrime took place on or around September 4, as stated by the FBI in a recent notice. The agency further disclosed that the same DPRK actors have been involved in numerous other virtual currency heists of whole lot of prominence. In total, the group has already managed to steal over $200 Million in the year, including $60 Million from Alphapo and CoinsPaid in July, and approximately $100 Million from Atomic Wallet in June.

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The suspicious outflows across Ethereum (ETH), Polygon, and BNB Chain were at the beginning reported by The Block. Stake.com is yet to respond to requests for comments concerning the incident.

The Growing Threat of Cybercrime

The growing threat posed by cybercriminals, such as the Lazarus Group, extends beyond mere cybersecurity concerns. Both Republicans and Democrats, including Senator Elizabeth Warren, have acknowledged the urgency to combat money laundering and crypto-related crimes. As a result, Warren and other lawmakers introduced the Crypto-Asset National Security Enhancement and Enforcement Act (CANSEE) in July. This bill intends to strengthen existing regulations and secure their enforcement in the decentralized finance sector.

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Ron Hammond, the director of Government relations at the Blockchain Association, emphasized the increasing concern between lawmakers regarding hacking incidents and its subsequent impact on the financial systems of countries. Even President Biden himself has commented on this issue.

Previous Warnings and the Scale of Lazarus Group’s Activities

In a previous warning posted on August 23, the FBI cautioned cryptocurrency operators about the  capacity cashing out of more than $40 Million worth of Bitcoin (BTC) by entities connected to the Democratic People’s Republic of Korea. The Lazarus Group has repeatedly targeted the blockchain industry, resorting to spearphishing techniques and malicious software to execute their cryptocurrency theft. In reality, Chainalysis, a blockchain analysis firm, attributed the theft of $1.7 Billion in digital currency to the Lazarus Group in 2022. These activities pose whole lot of threats to the public safety and financial systems of countries worldwide, as highlighted by the firm in April.

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Hot Take:

The recent revelation of North Korean hackers orchestrating a $41 Million cryptocurrency theft underscores the growing menace of cybercrime in the digital asset space. As these threats persistently target the financial systems of countries, lawmakers are taking concerted steps to combat money laundering and crypto-related crimes. The need for robust cybersecurity measures and strict controls has never been more important in safeguarding the integrity of the cryptocurrency industry.

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Author – Contributor at | Website

Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.

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