North Korea Hacks Exchanges Attempting To Steal Bitcoin As Prices Surge
Content adapted from this Zerohedge.com article : Source
Authored by Mac Slavo via SHTFplan.com,
The value of soaring crypto-currencies is creating a bubble financial analysts continue to warn about, but it's also making it overly appealing to cyber thieves. North Korean hackers are now attempting to steal bitcoin, as experts warn of an impending financial dilemma.
Ashley Shen, an independent security researcher, said:
"We assume one of the reasons why Bitcoin is being attacked is because the price keeps increasing and we think it's reasonable for hackers (to target). Digital currency might be easier to gain than physical currency. So I think it's reasonable."
Amid speculation only, bitcoin is up 1500% in 2017, making theft attempts by the rogue regime unavoidable. Shen and her colleagues have tracked the attacks by hacking groups Lazarus, Bluenoroff, and Andariel (suspected to be North Korean operations) on financial institutions including banks in Europe and South Korea, an ATM company and Bitcoin exchange.
"Before, when we tracked nation-state attackers, they usually perform cyber attacks which are aimed at confidential data and intelligence," Shen said.
"However recently we've discovered that some of the APT (Advanced Persistent Threat) groups are trying to hack financial institutions like banks and Bitcoin exchanges to gain financial profit." So far, North Korea's attempts to hack into bitcoin exchanges have failed.
"My own opinion is they will probably keep doing the Bitcoins because the price keeps increasing and it's a good investment… So I assume they will do more Bitcoin attacks and of course they will keep targeting banks because that's what they did before," Shen said.
One of her co-researchers, who wishes to remain anonymous because they work for a South Korean bank, told Sky News:
"Just a few years ago the attacks were initiated to paralyze the society, but for some time now they've been hacking for money – so I kind of wonder if they are facing financial difficulties."
As Bitcoin has surged in value, particularly over the last week, it has become increasingly attractive to hackers. On Thursday, Bitcoin mining marketplace NiceHash, based in Slovenia, suspended operations after hackers stole 4,700 Bitcoin – at the time worth roughly $64m.
"The vast majority of cryptocurrency use is not criminal. Bitcoin is one of more than 1,000 cryptocurrencies and many people use cryptocurrencies to bank or to transfer money or make investments," said_ The National Crime Agency. _
"We do see cybercriminals using cryptocurrencies as one of a range of ways in which criminals try to launder money. But criminals are mistaken if they believe that cryptocurrencies are untraceable and provide total anonymity."
I assumed bitcoin would somehow be linked to North Korea (and russia) eventually. "Fire the propaganda cannon at will"
We are often joking at work that all the stuff Kim Jong-un makes like launching rockets, making a word war with Trump are all for a profit. For example if he takes a large position in VIX ( The fear index, which is generally inverse to the SPY) and then launches a rocket, the VIX goes crazy the next day and he makes ton of money.
So I am not surprised from this :)
500 billions of total market cap are nothing if compared with world economy. The bubble, if it is a bubble, has still really big margin to grow... Maybe at 1 or 2 trillion $ we will reach a significative level
Agreed if this is the biggest bubble ever...... Lets see where the madness could get us!!!!!!! 100 000k : )
Hacking is a big market these days. It will only grow. We see how easily data from centralized servers is hacked on a regular basis. This will continue until more is on the blockchain. Wallet security is improving yet has a long way to go.
The conversion to the digital world is not without issue. There are some growing pains. Nevertheless, millions are working on the problem....perhaps not in time to save bitcoin.
Security firm FireEye also revealed in a report in September that hackers linked to North Korea have stolen bitcoins from at least three South Korean cryptocurrency exchanges. Security firm FireEye also revealed in a report in September that hackers linked to North Korea have stolen bitcoins from at least three South Korean cryptocurrency exchanges
Not surprising here, as China closes in from international pressure the regime goes to what they know best....hack. Why work or do anything if you can hide under the basement and hack away for free money?
Do you know???
Just a few years ago the attacks were initiated to paralyze the society, but for some time now they've been hacking for money – so I kind of wonder if they are facing financial difficulties."
This country will already be gone. They are just doing show.
Thanks For your crypto news @zer0hedge ✌✌
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