The FBI has issued a warning that North Korean Lazarus hackers may be planning to cash out millions of dollars in stolen Bitcoin. According to the FBI, the Lazarus organization is known for launching cyberattacks against financial institutions and cryptocurrency exchanges, and it is estimated that more than $1.3 billion (about $4 per person in the US) in cryptocurrency has been stolen since 2018.
Source – Bleeping computers blog
The Lazarus organization is well-known for its sophisticated cyber techniques and is linked to the North Korean government. The group has been linked to several high-profile assaults, including the Sony Pictures hack in 2014 and the WannaCry ransomware campaign in 2017.
The FBI's warning comes on the heels of a recent analysis by cybersecurity firm Chainalysis, which discovered that the Lazarus organization had moved more than $140 million in Bitcoin in the previous year. According to the report, the organization is planning to cash in on its stolen Bitcoin, either by selling it on cryptocurrency exchanges or by using it to fund further cyberattacks.
The FBI has advised cryptocurrency exchanges and other financial institutions to be on the lookout for suspicious transactions and to report any such activity to authorities. Individuals should also take precautions to protect their cryptocurrency holdings, such as adopting complex passwords and two-factor authentication and putting their Bitcoin in cold storage wallets rather than on exchanges, according to the agency.
The FBI's statement demonstrates its strong emphasis on the growing threat presented by cybercriminals to the Bitcoin industry. As the value of cryptocurrencies continues to climb, so does the incentive for hackers to target them. Cryptocurrency exchanges and other financial institutions must make efforts to protect themselves and their customers from these threats. These steps include investing in effective cybersecurity measures and educating their personnel and consumers about the hazards of cybercrime.
Individuals who own cryptocurrencies must also take responsibility for their security by using strong passwords and two-factor authentication, as well as storing their cryptocurrency in safe wallets. By working together, we can help limit the threats posed by cybercriminals and guarantee a safeguard for the Bitcoin sector as it thrives.
If you find this information useful, make sure to share it with your colleagues and friends. We recommend you subscribe to our weekly newsletter so that more information like this is easily available to you. Also, do let us know if you have feedback or suggestions regarding this blog in the comment section below.
ExcelliMatrix is not just an IT solutions company; we are your cybersecurity guardians. Protect your business and data from evolving threats with our cutting-edge services. We assure you that partnering with us will benefit you in the near future. You can contact us at 406-646-2102, or feel free to drop us an email at sales@excellimatrix.com. Stay connected with us on LinkedIn and Facebook, and do follow us on Twitter for more information like this.
