North Korea’s State-sponsored Hacker Stole $571 Mln In Cryptos: Report

North Korean hacking outfit “Lazarus” has reportedly stolen $571 million worth of cryptocurrency from online exchanges.

This was reported by The Next Web quoting renowned cybersecurity unit Group-IB’s upcoming annual report on trends in hi-tech cybercrime.

The report says the state-sponsored hacker was behind 14 attacks carried out on crypto exchanges since January 2017.

That is more than half of the total sum of cryptocurrency looted online during the period.

Hackers mostly use spear phishing for attack on corporate networks,” the report summary explains.

Group-IB warns of the increasing threat of hacking attacks on cryptocurrency exchanges.

Knowing how lucrative it can be, the most aggressive hacker groups, usually known for attacking banks, will shift their attention to cryptocurrency exchanges now, the report says .

10 percent of the total funds raised by Initial Coin Offerings since last year have been stolen. A majority of the funds were lost to phishing.

Group-IB attribute much of the losses to baddies taking advantage of “crypto-fever,” where investors are so overcome with a fear of missing out they rush to contribute to new cryptocurrency projects as fast as possible, without checking for fake domain names.

According to the report, large phishing groups are capable of stealing around $1 million a month.

Cryptocurrency fraudsters are also getting more inventive. In several instances of investor database theft, hackers were found to have stolen sensitive financial information to re-sell on the dark net or use to blackmail cryptocurrencers.

“In the first half of 2018, five successful attacks were registered with direct financial losses ranging from $0.55 million to $18 million,” the report said.

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