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Based on a brand new press report published by South Korea’s Nationwide Intelligence Service (NIS), North Korean hackers have stolen greater than 800 billion Korean gained ($620 million) price of cryptocurrencies from decentralized finance, or DeFi, platforms this yr. The company additionally revealed it blocked a every day common of 1.18 million assaults perpetrated by nationwide and worldwide hacking organizations in November.
Nonetheless, a NIS spokesperson revealed by way of native information outlet Kyunghyang Shinmun that the entire $620 million stolen by North Korean hackers via DeFi exploits occurred abroad, including:
“In Korea, digital asset transactions have been switched to real-name transactions and safety has been strengthened, so there isn’t a harm.”
In 2021, South Korea carried out new know-your-customer (KYC) cryptocurrency buying and selling guidelines requiring purchasers to create a real-name account with the identical financial institution as their cryptocurrency alternate to deposit or withdraw funds. Each the financial institution and the alternate are then required to confirm the shopper’s id. As well as, exchanges should acquire a license from the Monetary Providers Fee earlier than commencing operations.
North Korean hacker syndicates, equivalent to Lazarus Group, have been linked to a lot of high-profile DeFi breaches this yr, such because the $100 million Harmony attack. Specialists stated that such assaults are a way of producing overseas foreign money reserves within the face of strict business sanctions imposed by the worldwide group. The NIS additionally warned that North Korean cyber assaults would intensify subsequent yr:
“It’s mandatory to investigate assaults as intently as defenses. As a result of one hacker group has all of the assault data and doesn’t neglect it. It’s mandatory to collect data associated to malicious code scattered by numerous attackers to search out significant insights.”
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