North Korean Hackers Steal $2.2 Billion from Crypto Platforms
The Biggest Heist of 2024 “Hacker Steals $2.2 Billion in Cryptocurrency
Chainalysis, a research firm, has shared news of the biggest crypto heist of 2024, claiming that North Korean hackers stole more than half of the $2.2 billion in cryptocurrency, about 21% more than the last year but still less than the thefts that broke records in 2021 and 2022.
North Korea’s Massive Share of Crypto Thefts
The total sum of the stolen money is $1.3 billion, which is the result of North Korean hackers, which is twice as much as they took last year. According to the survey, several of these hackers infiltrated tech and cryptocurrency companies by posing as remote IT workers.
The United States government has accused North Korea of using these embezzled monies to evade international sanctions and bolster its nuclear programs. Indeed, 14 North Koreans were recently accused of taking part in a large-scale extortion plot by a federal court in St. Louis.
Big Crypto Big Crypto
Several notable cryptocurrency thefts occurred this year, including:
- The Japanese cryptocurrency exchange DMM Bitcoin had $300 million stolen.
- $235 million was stolen from the Indian cryptocurrency platform WazirX.
Why Crypto is Being Stolen
The research found that compromised private keys were the main cause of these thefts. Private keys are used to access and manage cryptocurrency holdings, and their loss can have catastrophic consequences.
According to one study, “a private key compromise can be catastrophic because centralized exchanges manage substantial amounts of user funds.
Bitcoin’s Surge and a Changing Landscape
The expectation that Donald Trump, the new US president, will be more supportive of cryptocurrencies than Joe Biden has caused the price of bitcoin to more than double this year. However, the rise in bitcoin thefts emphasizes the need for more robust security measures to thwart ever-more-advanced hacking techniques.
Bridge the Gap
The internet situation in Pakistan necessitates a multifaceted approach.
Infrastructure Investments: It is necessary to upgrade the current infrastructure and expand the fiber-optic network. These projects can be financed through public-private partnerships.
Regulatory Reforms: To enhance service quality and accessibility, ISP competition will be promoted and VPN limitation rules will be reviewed.
Digital literacy: It enables citizens to utilize the internet responsibly by educating them about the advantages and dangers of digital tools. Transparency: The government should guarantee that cybersecurity protocols are open and do not infringe upon citizens’ digital rights.
A Reward for Information
The US State Department is offering a reward of up to $5 million to anyone who can provide information about North Korea’s alleged bitcoin theft schemes.
Cryptocurrencies are becoming a more attractive target for hackers as their value and popularity increase. In a constantly changing threat landscape, the sector needs to strengthen its security to safeguard users’ money.
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