While the crypto world is going through a market weakness resulting in the price of bitcoin plummeting from $69,000 to around $20,000 today, add security breaches and cybercriminals secretly taking over the crypto world, and you have a perfect - ‘things are about to go south’ - dish.
The notorious cybercrime Lazarus Group is another factor on the long list of concerns fueling the crypto meltdown.
There have been dozens of security breaches over the past few years, in a section of cases we don’t know who the attackers are, but one culprit, in particular, is the group of state-sponsored North Korean hackers known as the Lazarus Group.
“In the Lazarus Heist, regime hackers have become increasingly sophisticated over the past decade and to date have managed to steal an estimated $2 billion worth of cryptocurrencies. Crypto investors should expect the gang to continue to exploit blockchain targets or the soft underbelly of the financial system,” According to a new book by Geoff White.
It is a big possibility that the hacking group would target crypto networks: the illegitimate group for years has been aiming to generate as much money as possible in order to make the North Korean regime stronger and prop up its nuclear weapons.
Previously, its schemes were to hack and ransomware ATMs, including the infamous WannaCry cyberattack.
North Korea’s hackers are also trying to get jobs at cryptocurrency companies, related to which the US Treasury Department has warned cryptocurrency firms about North Korean hackers applying for jobs. This makes sense as being able to directly steal a company from a company you work at seems a lot easier.