Hack Attacks Increase Towards Individuals After Crypto Exchanges Enhance Security

Thirty new hack attacks on individuals that use crypto are what we read today in the latest crypto news after the CEO of the Cuvepia cybersecurity company detected more than 30 attacks on individuals by North Korean hackers.

As the South China Morning Post reports, the attack was carried out by North Korean hackers. The CEO Kwon Seok-Chul said that the individuals that were a target for these cyber attacks were only users that used their crypto wallets for storing their invested cryptocurrency. According to Chul, he believes that there are more than 30 attacks that were still not reported or detected.

The reason for these attacks is as the article states, departing the previous methods of attack. North Korea allegedly backed two crypto scams in 2018 that were funded by the country and where 65% of all cryptocurrencies were compromised.

Hackers now attack individuals because of weak wallet security. This is what the founder of cyber warfare company IssueMakersLab Simon Choi believes. Choi also pointed out that most targets were wealthy South Koreans.

Luke McNamara who is an analyst at FireEye Cybersecurity Company says that it is very possible from all of the previous hacks that the hackers were able to collect information about the targeted people that were using specific exchanges. He said:

“When they understand and know the targets then they are able to craft lures specific to those organisations or entities and this makes them effective at what they are doing.”

According to Kaspersky Labs, North Korean hackers used macOS malware to hack crypto exchanges and that they are using cryptocurrencies to avoid US Sanctions.