This year hackers have troubled many known and giant cryptocurrency firms, one such victim became DMM Bitcoin which lost billions worth of digital assets.
In a most recent development, the FBI with one other enforcement agency argued that the hack of DMM Bitcoin was carried out by the North Korea-based hackers.
The operation was carried out by the National Police Agency of Japan and the Defence Cyber Crime Centre, the official statement notes that the attack was closely linked with TraderTraitor also known as Jade Sleet.
The enforcement agency tracked the root of the hacks from posting for hiring on LinkedIn by the bad actors.
Furthermore, the hackers continued the hiring process by organizing pre-placement tests in which they directed the ones seeking employment to download malicious Python transcripts.
By the middle of May, the attackers had gained access to Ginco’s unencrypted communications system and were posing as the compromised employee using stolen session cookies. This allowed them to manipulate a valid transaction request from DMM Bitcoin.
Regulators are mostly mute on the matter, though, since the country’s attention is mostly focused on creating its digital currency. The agencies quoted “ TraderTraitor activity is often characterized by targeted social engineering directed at multiple employees of the same company simultaneously.”
North Korean hackers hindering the popularity of Crypto?
Although the total quantity of cryptocurrencies taken by hackers in 2024 rose by 21% over the previous year, it was still less than that of 2021 and 2022.
According to the US government, the North Korean state uses cybercrime, including bitcoin theft, to get around international sanctions and earn money.
Some of the thefts seem to be connected to North Korean hackers breaking into cryptocurrency and other tech companies by impersonating remote IT personnel.
According to the latest note, the FBI, the National Police Agency of Japan, and other government and international partners of the United States will keep exposing and fighting North Korea’s use of illegal actions, such as crypto theft and cybercrime.
A large portion of the stolen bitcoin was tracked by Chainalysis through a network of middlemen before arriving at a cryptocurrency exchange in Cambodia. This month, DMM Bitcoin declared that it would shut down following the theft and move its users’ accounts to other exchanges.
Despite all these events the cryptocurrency market continues to grow with strong strength, most recently Bitcoin has surpassed its all-time high reaching above the mark of $107k.
Finance experts further claim that the cryptocurrency market will continue to flourish, and is likely expected to mark a new milestone in the coming year.
