The Lazarus Group from North Korea is increasing the number of cyberattacks amid the coronavirus pandemic, according to the latest reports as we are reading in the latest blockchain news.
The hacking organization Lazarus Group increases its efforts to steal crypto assets. The group is known for its involvement with the North Korean government and it is now using the economic turmoil around the world prompted by the COVID-19 to increase profits from the malicious activities. The hacking group was focused on cyber heists involving crypto-assets according to the recent report. The people who purchased cryptocurrencies and those who are involved in the field will become targets:
“The APT (adaptive persistent threats) hacking group Lazarus, which is allegedly sponsored by a certain government, is increasing engaging in cybercrime activities in and out of South Korea.’’
The group utilizes fraudulent emails when attacking, usually with mentioning of companies that provide electronic payment services and other crypto-related companies. The files are disguised as blockchain development contracts which easily induce victims into opening the emails. The group also employs attacks named ‘’spear phishing’’ where the scammers obtain detailed info on their future targets so they later users them to bait them.
According to the report, stealing crypto could result in making huge profits for the North Korean government. The country is still isolated from the rest of the world and now even more because of the Covid-19 outbreak. The Lazarus Group was engaging in cyber-espionage operations as well as other activities that were designed to generate foreign currency. The United Nations report from 2019 noted that the country amassed more than $670 million worth of Bitcoin and other assets by hacking. The group was also responsible for most of the amount stolen.
The report also stated that digital assets provide ‘’the Democratic People’s Republic of Korea with more ways to evade sanctions given that they are harder to trace, can be laundered many times, and are independent of government regulation.’’ The US Department of Justice even indicted two Chinese nationals at the start of this year for laundering more than $100 million in crypto on behalf of this notorious hacking group. The recent research by Chainanalysis outlined that the cybercrime activities have increased recently.
The Lazarus Group is also working with an alleged anonymous host provider from Switzerland named Black Host claiming to offer email services, SIM cards, and VPNs:
“Blockchain analysis suggests bullet-proof hosting provider Black Host receive Bitcoin from an address linked to Lazarus Group exchange hack.”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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