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🚨 CoinsPaid Attributes $37.3 Million Hack to North Korean Lazarus Group 🚨
#CoinsPaid , a cryptocurrency payments platform, experienced a hacking incident on July 22, resulting in a $37.3 million theft.
Suspecting the Lazarus Group, a North Korean state-backed hacker organization, CoinsPaid worked to fortify their systems, limiting the hackers' success.
Operations resumed in a restricted environment, and customer funds remained unaffected, but the platform and balance sheet suffered damage.
CoinsPaid reported the incident to Estonian law enforcement and received help from blockchain security firms. The CEO is confident in holding the hackers accountable.
Also, #GitHub believes Lazarus Group targets cryptocurrency and cybersecurity professionals through social engineering schemes.
#Binance
#crypto2023
#NorthKorea
#CoinsPaid , a cryptocurrency payments platform, experienced a hacking incident on July 22, resulting in a $37.3 million theft.
Suspecting the Lazarus Group, a North Korean state-backed hacker organization, CoinsPaid worked to fortify their systems, limiting the hackers' success.
Operations resumed in a restricted environment, and customer funds remained unaffected, but the platform and balance sheet suffered damage.
CoinsPaid reported the incident to Estonian law enforcement and received help from blockchain security firms. The CEO is confident in holding the hackers accountable.
Also, #GitHub believes Lazarus Group targets cryptocurrency and cybersecurity professionals through social engineering schemes.
#Binance
#crypto2023
#NorthKorea
🇺🇸🇰🇷🇯🇵 White House National Security Advisor announces tripartite initiative on North Korean threats, cybercrime, and cryptocurrency laundering; reaffirms commitment to denuclearization and UN resolutions. #NorthKorea #Cryptocurrency #Security
The South Korean and U.S. governments are actively seeking cooperation with virtual asset service providers, including cryptocurrency exchanges, to address North Korea's cyber threats. Both countries discussed this at the 5th "ROK-US Working Group Meeting on North Korean Cyber Threats," acknowledging North Korea's use of new hacking technologies and methods. They emphasized the need for the international community to respond promptly to these threats. #SouthKorea #USA #NorthKorea #cyberthreats #cryptocurrency #exchanges
Tornado Cash Fight Heats Up: DOJ Argues Developers Controlled Mixing
This Friday, the U.S. Roman Storm, the developer of #Tornado Cash, asked the Department of Justice to drop the criminal accusations against him. They contended that the contested facts in the defense's petition were better suited for jury deliberation than first motion arguments.
To put things in perspective, Storm and colleague developer Roman Semenov are accused of planning to launder money. The cryptocurrency developers behind Tornado Cash, a service that mixes cryptocurrency and anonymizes #blockchain transactions, were accused by the US authorities of running an unregistered money transmitter and breaking the law.
Authorities in the United States have claimed that organizations like the Lazarus Group in #NorthKorea have used Tornado Cash to launder money. Late last month, Storm's legal team submitted a move to quash the indictment.
The lawyers contended that Storm lacked control over the service and could not stop organizations like Lazarus from using it, and that Tornado Cash does not fit the requirements of a "financial institution" or a custodial mixing service.
They deny running a money laundering organization as a result. The defense placed emphasis on the distinction between writing software code for a service mix and managing a money laundering enterprise.
But the #DOJ refuted the defense's description of #TornadoCash in a brief on Friday. They emphasized that Tornado Cash is made up of a number of components, including a user interface, a network of "relayers," smart contracts, and a website.
In essence, the brief highlights Storm's role in the creation and development of the system, the usage patterns of Tornado Cash, and other facts by making many references to material that the DOJ plans to present during the trial. Notably, Storm's trial is set for September of this year, but Semenov is still at large.
This Friday, the U.S. Roman Storm, the developer of #Tornado Cash, asked the Department of Justice to drop the criminal accusations against him. They contended that the contested facts in the defense's petition were better suited for jury deliberation than first motion arguments.
To put things in perspective, Storm and colleague developer Roman Semenov are accused of planning to launder money. The cryptocurrency developers behind Tornado Cash, a service that mixes cryptocurrency and anonymizes #blockchain transactions, were accused by the US authorities of running an unregistered money transmitter and breaking the law.
Authorities in the United States have claimed that organizations like the Lazarus Group in #NorthKorea have used Tornado Cash to launder money. Late last month, Storm's legal team submitted a move to quash the indictment.
The lawyers contended that Storm lacked control over the service and could not stop organizations like Lazarus from using it, and that Tornado Cash does not fit the requirements of a "financial institution" or a custodial mixing service.
They deny running a money laundering organization as a result. The defense placed emphasis on the distinction between writing software code for a service mix and managing a money laundering enterprise.
But the #DOJ refuted the defense's description of #TornadoCash in a brief on Friday. They emphasized that Tornado Cash is made up of a number of components, including a user interface, a network of "relayers," smart contracts, and a website.
In essence, the brief highlights Storm's role in the creation and development of the system, the usage patterns of Tornado Cash, and other facts by making many references to material that the DOJ plans to present during the trial. Notably, Storm's trial is set for September of this year, but Semenov is still at large.
South Korea Aims to Freeze North Korea's Crypto Assets with New Legislation.
$BTC
#WebGTR #SouthKorea #NorthKorea #crypto #bitcoin
$BTC
#WebGTR #SouthKorea #NorthKorea #crypto #bitcoin
North Korean Hackers Using Russian Crypto Exchanges for Illicit Assets: Chainalysis
CryptosHeadlines.com - The Leading Crypto Research Network
A market intelligence firm has revealed that hackers from North Korea are using Russian cryptocurrency exchanges, known for money laundering, to move stolen digital assets.
Ad. Get UPTO $50 USDT Reward From CryptosHeadlines. Visit Official Tweet
According to crypto analytics platform Chainalysis, on-chain data shows that hacking groups connected to North Korea have been utilizing Russian crypto exchanges to launder funds stolen from the exploitation of the decentralized app project Harmony (ONE) earlier this year.
This concerning development comes amid growing concerns about North Korea’s evolving tactics in cyber warfare. The United Nations warns that North Korea is employing increasingly sophisticated cyberattacks to finance its nuclear missile programs. These “state-sponsored” hacking groups are targeting cryptocurrency and financial exchanges worldwide.
Chainalysis data reveals that approximately $21.9 million in cryptocurrency stolen from Harmony Protocol was recently transferred to a Russia-based exchange with a reputation for handling illicit transactions.
Chainalysis also has evidence indicating that North Korean entities have been using Russian services, including this exchange, for money laundering since 2021. This recent activity marks a significant escalation in the collaboration between the cyber activities of these two nations.
Decline in Hacking Activity
Although North Korean hacking groups have been less active in 2023 compared to the previous year, Chainalysis notes that their activities in 2022 were exceptionally high. The value of stolen cryptocurrency associated with North Korean groups in 2023 is estimated at over $340.4 million, a decrease from the reported over $1.65 billion in stolen funds in 2022.
Source: Chainalysis
However, it’s important to consider that the exceptionally high figures from 2022 set a challenging benchmark to surpass.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptoNews #cryptomarket #NorthKorean #NorthKorea
A market intelligence firm has revealed that hackers from North Korea are using Russian cryptocurrency exchanges, known for money laundering, to move stolen digital assets.
Ad. Get UPTO $50 USDT Reward From CryptosHeadlines. Visit Official Tweet
According to crypto analytics platform Chainalysis, on-chain data shows that hacking groups connected to North Korea have been utilizing Russian crypto exchanges to launder funds stolen from the exploitation of the decentralized app project Harmony (ONE) earlier this year.
This concerning development comes amid growing concerns about North Korea’s evolving tactics in cyber warfare. The United Nations warns that North Korea is employing increasingly sophisticated cyberattacks to finance its nuclear missile programs. These “state-sponsored” hacking groups are targeting cryptocurrency and financial exchanges worldwide.
Chainalysis data reveals that approximately $21.9 million in cryptocurrency stolen from Harmony Protocol was recently transferred to a Russia-based exchange with a reputation for handling illicit transactions.
Chainalysis also has evidence indicating that North Korean entities have been using Russian services, including this exchange, for money laundering since 2021. This recent activity marks a significant escalation in the collaboration between the cyber activities of these two nations.
Decline in Hacking Activity
Although North Korean hacking groups have been less active in 2023 compared to the previous year, Chainalysis notes that their activities in 2022 were exceptionally high. The value of stolen cryptocurrency associated with North Korean groups in 2023 is estimated at over $340.4 million, a decrease from the reported over $1.65 billion in stolen funds in 2022.
Source: Chainalysis
However, it’s important to consider that the exceptionally high figures from 2022 set a challenging benchmark to surpass.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptoNews #cryptomarket #NorthKorean #NorthKorea
US Senators Urge Biden Administration to Address 'Serious National Security Threats' Tied to North Korea and Crypto.
#WebGTR #US #UrgeBiden #NorthKorea #crypto
#WebGTR #US #UrgeBiden #NorthKorea #crypto
