Will North Korea emerge as a hub for crypto hackers?

Sahana Kiran
North Korea
Source – Pixabay

Scams and hacks have been a part of the crypto industry for the longest time. While some hacks have been plainly to steal, others were doing it to remind networks of their vulnerabilities. Hackers usually work stealthily and alone; however, a country might harbor an alleged army of hackers.

Over the years, there have been multiple theories about life in North Korea or the Democratic People’s Republic of Korea [DPRK]. While some suggest the country’s citizens have been living in poverty, a few others believe it is a highly unsafe country. Reports about how citizens need to seek permission to travel, get haircuts and even dress the way they like have surfaced.

One more thing that North Korea specializes in is hacking. The world has witnessed an array of hacks over the years across different industries, and North Korea is often mentioned in them. The country has been running a government-backed hacking network called Lazarus Group. This group is speculated to have hacked Sony Pictures following the release of the movie “The Interview.”

The same group shifted its focus to the crypto-verse. The same Lazarus Group reportedly orchestrated the recent hacks of Axie Infinity’s Ronin Bridge and Harmony’s Horizon Bridge.

Can North Korea’s Lazarus Group destroy the crypto-verse?

Amidst the ongoing bear market, users had to deal with increased losses after several prominent platforms were hacked. The platforms’ efforts to get stolen funds back all went in vain. Ronin Bridge was hacked for a whopping $625 million. Fake job offers gave hackers access to validators in the network.

Furthermore, several blockchain security firms believe that the Lazarus Group was also behind the Harmony hack. Harmony’s Horizon Bridge was robbed of $100 million.

It seems like North Korea could be following a trend here. Bridges seem to have become an easy target for these hackers. Additionally, there were other commonalities in these hacks as well.

It was also brought to light that these hackers work 16-hour shifts starting from 6 in the morning. The hackers are reportedly sent to countries like Russia and China for special training in cyber warfare. Furthermore, even with the involvement of the FBI and other national security agencies, charging these hackers would be nearly impossible. Garnering stolen funds is undoubtedly out of the picture.

Therefore, if hacks like these from a government-backed platform keep prevailing, the crypto-verse could be in serious trouble.