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Friday, January 27, 2023

North Korean Frauds Diminishes

North Korean hackers have stopped stealing Bitcoin (BTC) from users in order to avoid exposing their identities, according to a new report from cybersecurity firm Group-IB. The report has alleged that the Lazarus Group, which Group-IB says is a hacking group sponsored by the North Korean government, is pulling away from BTC and cryptocurrency exchanges in general due to an international crackdown on cryptocurrency extortion.

The reason why North Korean hackers are no longer going after cryptocurrency exchanges is because of new KYC regulation that they’re now forced to implement.

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North Korean hackers have ceased stealing Bitcoin from users in order to avoid exposing their identities, according to a new report from cybersecurity firm Group-IB.

North Korean Scams Controlled

The North Korean government has been spearheading cyberattacks since at least 2009, when it launched its first attack against South Korea and sunk an American ship. Since then, the country’s hacking campaign has evolved into organized crime rings with the help of mercenaries and state-sponsored actors such as Lazarus Group.

In 2018 alone, Lazarus reportedly stole $1.2 billion worth of cryptocurrency through various attacks on cryptocurrency exchanges across the world. However, analysts believe that these attacks may have stopped due to stricter KYC/AML policies implemented by most exchanges after they were hacked.

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The report has alleged that the Lazarus Group, which Group-IB says is a hacking group sponsored by the North Korean government, is pulling away from BTC and cryptocurrency exchanges in general due to an international crackdown on cryptocurrency extortion.

Lazarus Group are alleged to have stolen $571 million from various exchanges since 2016. However, recent reports suggest they have stopped stealing Bitcoin (BTC) from users in order to avoid exposing their identities. The report also notes that North Korea is still involved in cybercrime through other avenues such as ransomware attacks.

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