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North Koreans Were Behind USD 7M Crypto Exchange Hack

North Koreans Were Behind USD 7M Crypto Exchange Hack

North Koreans Were Behind USD 7M Crypto Exchange Hack-Techcryption-01

Singapore-based DragonEx, one of the top 50 cryptocurrency exchanges by trading volume, had its funds stolen in the hack on 24th March last year, worth around USD 7 million. Reportedly, the firm announced on Telegram that part of the stolen funds has allegedly moved into other exchanges, and the firm is still working on retrieving back the assets.

Recently, a report claimed that the infamous North Korean hacking group Lazarus, had likely used LinkedIn and Telegram messages as part of the exchange hack. The Lazarus Group is known to have involved in many cyberattacks over the last decade.

Previously, the group is reported to have stolen $12 million from the Banco del Austro in Ecuador and US$1 million from Vietnam’s Tien Phong Bank in 2015. In 2017, the group was reported to have stolen US$60 million from the Far Eastern International Bank of Taiwan although the actual amount stolen was unclear and most of the funds were recovered.

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Notably, North Korean hackers have been hitting cryptocurrency trading platforms and financial institutions to fund North Korea’s weapons programs. According to the report, Lazarus reportedly created a fake company and a fake cryptocurrency trading bot to phish DragonEx employees and gain access to the cryptocurrency.

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