North Korean hackers made off with nearly $41 million in cryptocurrency from an online casino and sports betting site this week; Officials fear the money will be used to bolster the country’s nuclear weapons program ahead of an expected arms deal with Russia.
The FBI announced Wednesday that it had traced the attack on Stake.com to North Korea and its state-sponsored Lazarus group, which stole more than $200 million worth of cryptocurrency over the past year alone.
In 2022, blockchain analysis company Chainalysis discovered that it had stolen a whopping $3.8 billion from the cryptocurrency business.
“In recent years, there has been a marked size and scale of cyberattacks against cryptocurrency-related companies by North Korea,” blockchain intelligence firm TRM Labs reported in June.
“This has coincided with an apparent acceleration of the country’s nuclear and ballistic missile program.”
Even more worrying for U.S. officials is the fact that this latest feat came just days before North Korean leader Kim Jung-Un’s expected meeting with Russian President Vladimir Putin, when the two leaders are expected to worlds to arrange an arms deal to aid Russia in its ongoing invasion of Ukraine.
North Korean leader Kim Jung-Un is expected to meet with Russian President Vladimir Putin in the coming days to discuss an arms deal.AP
Before the expected meeting, North Korean hackers stole nearly $41 million worth of cryptocurrency from Stake.com.Getty Images
The White House previously warned that North Korea was sending artillery shells and rockets to Russia and was set to negotiate more arms deals.
Then, just last month, North Korean state media reported that Kim and Putin were exchanging letters calling for expanding “bilateral cooperation in all fields” and building a “long-lasting strategic relationship in accordance with the demands of the new era”.
It’s unclear what exactly Kim can offer Putin as the war in Ukraine continues, but analysts say the recent cryptocurrency attacks have given the communist country some funds it could use to increase its weapons arsenal.
In the most recent hack, Lazarus Group stole $16 million worth of Ether, as well as stablecoins such as USDT, USDC, and DAI.
This was followed by another withdrawals of MATIC and BNB tokens worth $25 million.
Stake.com co-founder Edward Craven told DL News it was a “sophisticated breach” exploiting a service the casino uses to authorize crypto transactions.
The company stopped deposits and withdrawals following the breach, but restored both functions shortly after and continues to operate.
Stake.com co-founder Edward Craven told DL News that this was a “sophisticated breach” that exploited a service the casino uses to authorize crypto transactions. Stake.com
Lazarus Group stole $16 million worth of Ether, as well as stablecoins such as USDT, USDC, and DAI. This was followed by another withdrawal of $25 million of MATIC and BNB.X tokens / @PeckShieldAlert
The FBI now advises the public to “be vigilant about protecting against direct transactions with or derived from those addresses.”
Meanwhile, the Biden administration is warning North Korea that it will “pay a price” if it goes ahead with a deal to supply Russia with weapons.
The White House National Security Adviser made the remarks at a news conference on Tuesday, when asked about reports that Kim and Putin would meet in person.
“[This] “This is not going to reflect well on North Korea and they will pay a price for it in the international community,” he said.
“We will continue to call on North Korea to honor its public commitments not to supply Russia with weapons that will end up killing Ukrainians.”
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Source: vtt.edu.vn