Attacked by Hackers, This Crypto Exchange Loses USD 40 Million

Previously, a prominent figure in the cryptocurrency community, ZachXBT, recently issued a warning to investors about the growing threat posed by North Korean hackers.

As reported by Coinmarketcap, Tuesday (16/7/2024), known for his investigative skills in crypto-related incidents, ZachXBT highlights the sophisticated methods used by hackers to infiltrate the digital currency ecosystem.

His research, which is frequently cited in major US cases, highlights cybercriminal activity supporting the North Korean regime.

North Korea, a country with limited resources, has turned to cybercrime as a means to fund its military ambitions. Talented hackers in the country are rewarded with better living conditions, making hacking an attractive career path.

These hackers target cryptocurrency protocols and investor wallets, funneling stolen funds back to governments. The infamous Lazarus Group, responsible for high-profile cyberattacks such as the Ronin Bridge hack, is an example of this trend.

Aspiring hackers in North Korea see cybercrime as a path to a better life, driven by the promise of better internet access, higher incomes and a better standard of living.

This environment has fostered a generation of cybercriminals who relentlessly pursue opportunities to exploit the cryptocurrency market for financial gain.