North Korea accused of siphoning more than $2 billion from banks and bitcoin exchanges by the United Nations officials and US representatives as we can read in the coming altcoin news below.
The dictatorship country denied that it had any connections with the high-profile thefts and its state-run news agency KCNA stated that the United States and their allies are spreading lies and the media company cited a statement from the National Coordination Committee spokesperson of the DPRK stating:
“Such a fabrication by the hostile forces is nothing but a sort of a nasty game aimed at tarnishing the image of our Republic and finding justification for sanctions and pressure campaign against the DPRK.”
The United Nations report that was issued last month stated that Pyongyang had launched ‘’widespread and increasingly’’ sophisticated online attacks on crypto exchanges and banks. North Korea accused to have stolen more than $2 billion in order to a weapon of mass destruction programs and the report added that the intelligence agency of the country the Reconnaissance General Bureau had supervised the said cyber attacks. North Korea’s denial came only two weeks after the country criticized the US and South Korea for making too many military threats against the communist state.
Last August, Pentagon tested the ground-launched missile for the first time since the United States retraced from the Intermediate-Range Nuclear Forces Treaty. On the other hand, North Korea has carried out a missile as well and weapons tests since Donald Trump met with the leader of the country indicating that the summits have not reached a resolution. The concerns for the US are the ways North Korea receives its funds to fund the missile programs despite being subjected to heavy sanctions. The UN also believes North Korea initiated more than 3 attacks across 17 countries with a particular focus on bitcoin which flows across nations via financial pipelines as we can read in the latest cryptocurrency news reports.
The additional evidence that was gathered by cybersecurity company FireEye provided the same data. As per the cyber investigation company stated that the criminal outfit is known as ‘’Lazarus Group’’ has spied the affected banks and exchanges if not hacked them:
“North Korea works through small “front” companies some owned by private foreign trading partners to move currency and bartered goods.’’
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“This is a problem that is a little too complicated to be explained in a single sentence, the time span is also large, and the two story development lines are advancing and affecting each other at the same time, leading to the final outcome.”The Chinese exchange Fcoin is now in the cryptonews. After its launch in May, the reported trading volumes became some of the biggest in the world overnight thanks to a new business model called "transaction mining." Later on, one Reddit user reported that this volume was actually fake - which is when the problems started. The exchange was later on described as a scam by many and the suspicions about its business model turned out true. There was no airdrop nor ICO at launch and the Chinese exchange Fcoin distributed 51% of its native tokens to users for reimbursing transaction fees. The CEO of Binance, Changpeng Zhao, has publicly called FCoin a Ponzi scheme since the middle of 2018, commenting on Zhang's post in a tweet which read:
“I rarely called out anyone, with exceptions. On Chinese social media, I called FCoin a pyramid scheme in mid-2018. Their founder calls his own plan a "better invention than #Bitcoin". That did it for me. Who would say such a thing? About themselves? Except scammers.”https://twitter.com/cz_binance/status/1229446449152348161 To this, Zhang replied saying that there have been some errors which the Chinese exchange FCoin detected - but did not explain why it failed to address such problems before it is too late.
‘With the deepening of the investigation, we found a large number of existing data problems of dividends and mining returns, and these problems have existed for many days. As a result, a large number of users have already been through operations such as buying and selling various currencies and withdrawing cash, causing the pollution of assets.”The platform was suspended a few days ago by its own account for risk control, which caused a lot of speculation that the project was shutting down and the operators are vanishing. In the last few sentences on his blog post, however, Zhang said that he will do everything to give back the money to users via email personally - and compensate FCoin user losses with the profits he would make from other projects.
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Altsbit Crypto Exchange Suffers Hack Attack, Lost 95% Of Funds
‘’Unfortunately, we have to notify you with the fact that our exchange was hacked during the night and almost all funds from BTC, ETH, ARRR and VRSC were stolen. A small part of the funds are safe on cold wallets.’’From the announcement, it seems that Altbits had almost all of the funds on the hot wallets despite their major vulnerability to malicious cyber intrusions. The Italian crypto exchange will provide a full report on the lost funds soon and we will be able to see exactly how big of damage the theft made. In the follow-up tweets of the exchange, however, can be seen that the hackers stole 1,066 Komodo tokens and 283,375 Verus coins. This combined the value of both stolen cryptos stands at about $27,000. At press time, Altsbit had a 24-hour trading volume of $14.8 million with 98% of its trading activity coming from the ARRR/BTC pair which is the native token of the pirate Chain. Reacting to the news of the hack, some of the supporters of decentralized exchanges noted the vulnerabilities of the platforms that are centralized. However, centralized platforms still command the grater trading volume as the DEX services have a notoriously hard way of navigating the user interfaces. As for the security situation with centralized crypto exchange platforms, the 2020 crypto crime reports by Chainlink show that the exchanges seem to be better equipped to deal with the hackers. Despite the increase in the number of hack attacks, the blockchain analysis firm explained that the total amount of stolen funds in the hacks declined dramatically from the previous year. One of the important strategies that exchanges use is to limit their hot wallet holdings and this will show any inside involvement since the hackers are less sable to drain the vast crypto sums from vulnerable hot wallets. The North Korean hack group Lazarus, is suspected of being behind most of the crypto exchanges in the Asian Pacific and now it seems that it is changing its attack vectors. The group utilizes phishing malware on popular messaging platforms such as Telegram.
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