Cryptocurrency Fraud / North Korean hackers defraud a Dubai company of $1.5 billion

Cryptocurrency Fraud: A case has come to light of hackers linked to North Korea targeting a Dubai company, stealing Ethereum worth about one and a half billion US dollars. The US Federal Investigation Agency FBI has described this cyber attack as one of the largest known cryptocurrency thefts to date.

How did this cyber attack happen?

According to the FBI, North Korea-backed hacker groups called 'Trader Traitor' and 'Lazarus Group' targeted Bybit in early February. Bybit is one of the world's largest crypto exchanges. According to the report, hackers transferred Ethereum to thousands of unknown accounts by tampering with Bybit's 'cold' or offline wallet.

The FBI said that hackers usually carry out such thefts by inserting malware into crypto trading applications. Through this technique, they steal sensitive information of users and take control of their virtual assets.

Misuse of blockchain

These North Korea-backed hackers used blockchain technology to hide the stolen currency. The FBI said that the hackers of 'Trader Traitor' are moving fast and converting stolen Ethereum into Bitcoin and other currencies through thousands of anonymous accounts present on various blockchain networks.

Blockchain is a digital ledger system, which records crypto transactions. Due to the decentralized nature of this system, fraudsters can use it to hide their transactions. The FBI believes that these criminals can further convert the stolen currency and eventually try to convert it into legal currency.

North Korea's involvement

North Korea's state media has not commented on this incident. However, the South Korean intelligence agency claims that North Korea has stolen cryptocurrencies and other digital assets worth about US $ 1.2 billion through various cyber attacks in the last five years.

According to UN experts, North Korea has been involved in carrying out 58 cyber attacks between 2017 and 2023, which stole about three billion US dollars. The money may have been used to finance North Korea's nuclear weapons program.

Global response and security measures

Bybit co-founder and CEO Ben Zhou confirmed the incident and appealed to the crypto community for cooperation. He shared a link to a website offering a reward of US$140 million for tracking down the stolen virtual currency and getting it frozen by other exchanges.

The incident once again shows that the cryptocurrency market remains an attractive target for cybercriminals. Experts say exchanges and users should strengthen their security measures and conduct regular security audits to prevent such incidents.

Conclusion

Cyber ​​attacks linked to North Korea are not only causing financial losses but also affecting global security. Governments and private companies need to work together to deal with such cases, so that the world of cryptocurrency can be made more secure.