The Daily Crypto Theft by North Korea’s Lazarus Group Amounts to Nearly $3 Million

The Daily Crypto Theft by North Korea's Lazarus Group Amounts to Nearly $3 Million

North Korea’s Lazarus Group Continues to Hack Cryptocurrency Worth Millions

A state-sponsored hacking group known as the Lazarus Group, believed to be based in North Korea, has been in charge of hacking cryptocurrency assets worth nearly $3 Million per day in the previous 3 months. In a span of 100 days since June 7, the group targeted five victims and stole a total of $293 Million worth of digital currencies. Since its first heists over a decade ago, the Lazarus Group has stolen more than $2 Billion worth of cryptocurrency assets, according to blockchain analytics firm Elliptic.

Atomic Wallet: $100 Million Hack

The largest recent hack by the Lazarus Group took place in June on Atomic Wallet, resulting in the loss of $100 Million worth of cryptocurrency assets. At the beginning reported as a loss of $35 Million, further investigation revealed that over 5,000 cryptocurrency wallets on the platform were compromised.

Alphapo: $60 Million Hack

In July, Alphapo, a centralized cryptocurrency payment provider for online platforms, fell victim to the Lazarus Group’s attack. The initial reported amount stolen was $23 Million, but it was later realized  that an extra $37 Million worth of TRON and Bitcoin had been tracked.

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CoinsPaid: At Least $37 Million Loss

Estonian crypto-payments service provider CoinsPaid suffered a loss of at least $37 Million due to an attack by the hacker group. Despite the fact that the attack was not as successful as expected by the Lazarus Group, CoinsPaid assured its customers that their funds were safe. $41 Million Exploit

The FBI confirmed that the Lazarus Group orchestrated an attack against, an online casino and betting platform, resulting in a $41 Million loss. The attack targeted the platform’s funds on Ethereum (ETH), BNB Chain, Polygon, and Bitcoin (BTC) networks.

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CoinEx: Over $55 Million Stolen

In its most up-to-date attack, the Lazarus Group targeted cryptocurrency exchange CoinEx, draining plenty of wallets of numerous tokens including Bitcoin, Ethereum (ETH), TRX, Arbitrum, MATIC, and others. At the beginning reported as a $27 Million loss, the amount has increased to over $55 Million as more influenced wallets have been identified.

Hot Take: North Korea’s Lazarus Group Continues to Pose a Serious Threat to Cryptocurrency Security

The Lazarus Group’s ongoing hacking activities highlight the persistent threat posed by state-sponsored cybercriminals to the security of the digital currency industry. With sophisticated strategies and extensive resources at their disposal, this notorious group has successfully targeted numerous victims and stolen millions of dollars’ worth of cryptocurrency assets. These attacks serve as a reminder for individuals and enterprises operating in the cryptocurrency space to prioritize robust security measures and remain vigilant against probable threats. As the popularity and value of digital currencies continue to rise, it is important to stay notified about the evolving landscape of cybercrime and take proactive steps to safeguard digital assets.

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Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.

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