Experts claim that cyber attacks on crypto companies will increase, what lies ahead?

Experts claim that cyber attacks on crypto companies will increase, what lies ahead?

In terms of cybercrime and cryptocurrency attacks, North Korea is a notable region with increased activity. Many groups pose a big threat with their attack on some crypto protocols. Also, a June report revealed that North Korea has 7 million active hackers.

Many of the stolen funds, running into millions of dollars, are traced back to the North Korean attacks. Also, most of the stolen funds are allegedly used to sponsor various weapons of war, suicide bombings and other crimes.

North Korea in particular is struggling with some economic sanctions that have drastically limited most economic activities. However, the country’s dwindling resources seem to be creating a spike in criminal activity.

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Over time, there has been a significant increase and sophistication of cyberattacks against cryptocurrencies and technology companies. Cyber ​​attack groups in the country are gradually ensnaring more and more innovative measures to successfully carry out their actions.

Recent historical records of crypto cyberattacks have put North Korea at the fore. As a result, the country has been associated with massive asset losses, such as the $620 million Axie Infinity hack and the $100 million Harmony Protocol hack.

CNN registered on Sunday, Soo Kim, a former CIA analyst, said the North Korean regime is evolving with that trend. She noted that crypto revenue grabbing measures have become the norm for them.

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According to Kim, the country faces challenges such as limited access to other countries and food shortages. So, hackers use the restriction to carry out their crimes as if nothing or anyone can stop them. Also, Kim noted the possibility of criminals upgrading their expertise in crypto attacks to match the trend.

North Korean criminals are trying to infiltrate crypto firms

Analyst Kim made her comments about two months after the release of a joint US government advisory on North Korean criminal operations. Was reports on North Korean infiltration of freelance tech jobs. Such actions created high risks of theft of funds, data and intellectual property that could violate the imposed sanctions.

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Additionally, Kim mentioned that North Korea’s crypto-hacking trade will continue to improve. She explained that such a trade might seem a little unsophisticated in terms of how these attackers exploit foreigners, but it will improve over time.

Featured image from Pixabay, chart from TradingView.com



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