News North Korean Hackers Reportedly Targeting Ethereum Users in South...

North Korean Hackers Reportedly Targeting Ethereum Users in South Korea

-

- Advertisment -

According to a new report from security research firm FireEye, North Korean hackers are targeting Bitcoin and Ethereum users in South Korea.

FireEye’s report suggested that North Korean hackers are attempting to breach into South Korean cryptocurrency exchanges and steal user funds in Bitcoin and Ethereum.

Since May 2017, FireEye researchers claimed that North Korean hackers have been consistently targeting South Korean exchanges like Yapizon, which underwent major security breaches.

The FireEye report read:

“Add to that the ties between North Korean operators and a watering hole compromise of a Bitcoin news site in 2016, as well as at least one instance of usage of a surreptitious cryptocurrency miner, and we begin to see a picture of North Korean interest in cryptocurrencies, an asset class in which Bitcoin alone has increased over 400 percent since the beginning of this year.”

“Spearfishing” the largest Bitcoin exchanges in South Korea

The research firm further emphasized that a method called “spearfishing” has been used against some of the largest Bitcoin exchanges in South Korea.

By targeting users with tax-related phishing attacks, and deploying malware such as PEACHPIT, FireEye claimed that North Korean hackers were able to gain access to the accounts of many South Korean Bitcoin and Ethereum users.

The report added:

“The spearphishing we have observed in these cases often targets personal email accounts of employees at digital currency exchanges, frequently using tax-themed lures and deploying malware (PEACHPIT and similar variants) linked to North Korean actors suspected to be responsible for intrusions into global banks in 2016.”

Throughout its report, researchers and analysts at FireEye state that the initiation of hacking attacks toward South Korean cryptocurrency trading platforms coincided with the enforcement of increased economic sanctions against North Korea by the US and the international community.

The report revealed that the first spearfishing attacks against South Korean trading platforms began in early May, targeting a single exchange.

In late May, a second Bitcoin exchange was reportedly breached by North Korean hackers, compromising user funds.

In early July, FireEye researchers claimed that a third major South Korean exchange was targeted, with a method which directly allowed North Korean hackers to threaten personal accounts through spearfishing.

North Korean Hacks

So what was the purpose of the attacks?

All of the abovementioned attacks occurred after the enforcement of new sanctions against North Korea on April 24, which led analysts within the cryptocurrency sector to speculate on the purpose of the attacks towards South Korean cryptocurrency exchanges.

FireEye’s report noted that amidst tightening sanctions and the enforcement of new regulations against trading with North Korea, it is understandable that the North Korean government would target an emerging asset class which is triggering an exponential increase in demand in China, South Korea and Japan.

The report concluded:

“It should be no surprise that cryptocurrencies, as an emerging asset class, are becoming a target of interest by a regime that operates in many ways like a criminal enterprise. While at present North Korea is somewhat distinctive in both their willingness to engage in financial crime, and their possession of cyber espionage capabilities, the uniqueness of this combination will likely not last long-term as rising cyber powers may see similar potential.”

Because Bitcoin exchanges and trading platforms are centralized, the level of security for Bitcoin and cryptocurrency wallets wholly depend on the service provider.

Hence, in order to prevent any more attacks from North Korean hackers, South Korean exchanges should allocate more resources in securing their platforms with necessary measures.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

4 Tips on How To Succeed on Bitcoin Trading

Bitcoin is a type of cryptocurrency which has grabbed the attention of countless people from different countries....

The First Cryptocurrency Bank License Is Now Granted

This is a historic development. A milestone in Bitcoin's path to broad acceptance and recognition. The State...

Yield Farming Program “Volcano” Kicks off Dutch Auction for Cryptokitties KittieFIGHT Game

In the fall of 2017, along with the rallying of Bitcoin and other digital assets, Cryptokitties dominated...

Ministry of Foreign Affairs of Denmark may use Blockchain to tackle corruption

We have already moved to the stage in our lives where technology plays an important role in...
- Advertisement -

What Lessons Can The World Learn From Venezuela’s Newfound Love For Crypto?

It is often the case that great changes are forced out of necessity, rather than a willingness...

How Bitcoin Capitalization Affected In 2020 on the Quarantine Background

Although the weeks of quarantining are gradually easing off, the impact of dealing with the deadly coronavirus...

Must read

4 Tips on How To Succeed on Bitcoin Trading

Bitcoin is a type of cryptocurrency which...

The First Cryptocurrency Bank License Is Now Granted

This is a historic development. A milestone...
- Advertisement -

Read Next
Recommended to you