A prominent North Korean hacking group is making headlines again this week after federal authorities revealed they had successfully stolen approximately $41 million worth of cryptocurrency. This audacious theft, which targeted an online casino and betting platform, demonstrates the group’s continued prowess in the cybercrime arena.
The FBI has been closely monitoring the cybercriminal group’s activities and issued a stern warning about the scale of its illegal activities.
Cryptocurrency hack: Over $200 million lost
According to the FBI, this particular hacker group has stolen more than $200 million in ill-gotten gains this year alone, an astonishing amount.
This disturbing pattern of financial theft highlights the ongoing threat North Korean hackers pose to cybersecurity. Their ability to carry out high-value robberies with relative impunity is a stark reminder of the need for enhanced cybersecurity measures and international cooperation to combat this type of criminal activity.
On September 4, Stake.com temporarily ceased operations due to unauthorized transfers from hot wallets affecting Ethereum, Polygon, and Binance Smart Chain.
Total crypto market cap reached $1.01 trillion on the weekly chart: TradingView.com
The incident only affected these specific wallets, all other wallets were unaffected. Stake.com resumed normal operations within five hours of the issue being discovered. The FBI has now confirmed $41.3 million in theft, which it attributes to the Lazarus Group.
Insider said Stake.com representatives did not respond to its request for comment Friday. However, Edward Craven, one of the online casino’s co-founders, described the cyberattack as a “sophisticated breach” in an interview with DL News.
Source: TRM Labs
The culprits: North Korea and the Lazarus Group
The FBI noted that North Korea’s Lazarus Group, which was sanctioned by the U.S. Treasury Department’s Office of Foreign Assets Control in 2019, was also responsible for several other high-profile cryptocurrency thefts around the world.
Stake is a large cryptocurrency casino based in Curacao, known for offering betting options on popular assets such as Bitcoin and Ethereum, as well as a sportsbook with over 40 sports markets.
Since its launch in 2017, Stake.com has more than 500,000 users worldwide, with operations in countries including Canada, Brazil, Japan and the United Kingdom.
The FBI said it will continue to expose and combat North Korea’s use of illegal activities to generate revenue for the regime. “This includes cybercrime and virtual currency theft,” the bureau said.
Featured image from Hacker News