Report Shows that North Korean funded Hacker Group Commits 65% of All Crypto Exchange Hacks

In a recent study cybersecurity firm Group-IB, a cybersecurity solutions company that address threat Intelligence, anti-fraud, and anti-​APT, has released that 65% of all crypto exchange hacks comes from the secluded nation of North Korea.

According to the report, the government sponsored hacker organization. Lazarus, has claimed to have stolen $571 million worth of crypto since the beginning of the year. Out of the $882 million in digital assets lifted over the last two years, Lazarus is responsible for over 65% with five major known attacks.

The study stated:

“In 2017 and 2018 hackers’ interest in crypto currency exchanges ramped up. A total of 14 crypto currency exchanges have been attacked, suffering a total loss of $882 million.

 

At least five attacks have been linked to the North Korean hackers from Lazarus state-sponsored group. ICOs are another hackers’ target: approximately 56% of all money siphoned off from ICOs were stolen through phishing attacks. Group-IB experts predict that the biggest miners may become the target not only of cybercriminals, but also of state-sponsored groups.”

One of the heist that Lazarus has been implicated in, involves the security breach against Coincheck, a Japan-based cryptocurrency exchange. The January attack left the company drained of approximately $532 million worth of NEM. Coinbase has announced that they will attempt to make reparations for their client’s assets.