South Korea’s government servers fell victim to cryptojacking, a type of cyber attack where hackers use the computing power of infected devices to mine cryptocurrencies. This incident highlights the presence of bad actors in the crypto ecosystem who engage in sophisticated crimes. According to reports, the attackers gained access to the administrator accounts’ passwords for Daejeon City and infected the system with malware for mining purposes. The incident was discovered during a government joint audit and reported to South Korea’s National Intelligence Services.
Cryptojacking incidents have been on the rise globally, with over 332 million reported cases in 2023, nearly triple the volume from the previous year. However, there has been a significant breakthrough in combating these incidents. Europol recently collaborated with the Ukrainian National Police to arrest a 29-year-old individual accused of mining over $2 million worth of cryptocurrencies through cryptojacking. This arrest was the result of intensive collaboration between Ukrainian authorities, Europol, and a cloud provider.
In addition to addressing cryptojacking, Europol has also made successful seizures of illicit crypto funds in the past. For example, they seized nearly $50 million worth of Bitcoin in March 2023 during an operation against ChipMixer.
Hot Take: Combating Cryptojacking and Illicit Crypto Activities
Cryptojacking poses a significant threat to individuals and organizations worldwide. As seen in the case of South Korea’s government servers, even highly secure systems can be compromised by determined hackers. It is crucial for governments, law enforcement agencies, and cybersecurity experts to continue working together to identify and apprehend these bad actors. Additionally, individuals should remain vigilant about their device security and take necessary measures to protect themselves from cryptojacking attacks. By staying informed and adopting best practices for cybersecurity, you can contribute to creating a safer crypto ecosystem.
By
By
By
By