A recent statement issued by the government of South Korea recently accused the North Korean government of participating in organized cryptocurrency heists. The media report revealed that North Koreans stole $1.7 billion in digital asset reserves this year alone. The prime targets for the North Korean hackers for crypto heists are the retail investors and exchange platforms.
The officials from South Korea also added that the covert and fascist government of North Korea has been using these funds for developing ballistic missile technology. The report also pointed out that the North Korean hackers have created long-term positions for cryptocurrencies to make the most of their stolen reserves.
South Korea is not the first country to point out the massive crypto embezzling happening in North Korea. The USA government also pointed out recently that the country run by nepotistic dictators has been sponsoring cryptocurrency hackers and threat actors for years. During a confiscation suit, US officials claimed that North Korean hackers are working alongside many shady organizations.
These underground hackers are also involved in facilitating money laundering. The threat actors contact the North Korean cryptocurrency hackers to wash their stolen reserves. The most common method of attack is sending spam emails to the employees of the targeted cryptocurrency exchange with malicious ware.
There is the possibility that whole nations are working in tandem with the threat actors for wagging fintech war on the cryptocurrency market. However, the fact that the number of cryptocurrency scams and cyber-attacks has increased this year is a big matter of concern for the stakeholders.
Since most DeFi markets operate without financial and technical audits, they are often more susceptible to hacking attempts. Bug Bounties is a cybersecurity platform that incentivizes white hat hackers and programmers to look for bugs before hackers can exploit them for theft.