A disturbing trend in cybercrime has alarmed the international community: North Korean hackers are estimated to have stolen $600 million worth of cryptocurrencies by 2023. However, cryptoanalytics firm TRM Labs reports that this is only a fraction of the $3 billion stolen since 2017. This development has led to summit talks between three major powers: the United States, South Korea and Japan.
Research from TRM Labs shows that North Korean hackers have stolen $600 million worth of cryptocurrencies by 2023. Read the story now:
— TRM Labs (@trmlabs) January 5, 2024
Bitcoin ETF must be approved by the American megabank
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Government and Regulation
Crypto hacks by North Korea
An important meeting between the national security advisers of the United States, South Korea and Japan was recently held in Seoul. The trio discussed the ongoing threat of North Korean crypto hackers and how these activities contribute to the financing of weapons of mass destruction. The meeting emphasized the need for coordinated action against this cyber threat, including sharing information and developing more effective methods to track and neutralize these illegal activities.
North Korea's sophisticated hacking operations, including the infamous Lazarus Group, continue to pose a major challenge to the entire crypto market. These groups use advanced techniques to steal and launder cryptocurrencies, often using crypto mixers like Tornado Cash. The international community responded with stricter sanctions and bans, but hackers continue to develop new methods to circumvent these measures. This highlights the need for a sustained and adaptive response from both the crypto community and governments worldwide.
“North Korea’s hacking capabilities require continued vigilance and innovation from companies and governments. “Despite notable advances in cybersecurity between exchanges and increased international cooperation in detecting and recovering stolen funds, 2024 is likely to see further disruption from the world’s most prolific cyberthief,” TRM Labs said.
Pay for nuclear weapons with Bitcoin
In total, the North Koreans are said to have stolen more than three billion dollars in recent years. An astronomical sum that could potentially even be used to finance the country's nuclear weapons program. This is a worrying matter. It is critical that both individuals and institutions strengthen their security and work together to combat this form of cybercrime. As the world becomes increasingly dependent on digital currencies, the fight against hackers and thieves is crucial to ensuring the security and stability of the global financial system.
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