North Korean hacking activity ceases after regulators implement KYC: Report

In line with a brand new report published by South Korea’s Nationwide Intelligence Service (NIS), North Korean hackers have stolen greater than 800 billion Korean gained ($620 million) price of cryptocurrencies from decentralized finance, or DeFi, platforms this 12 months. The company additionally revealed it blocked a each day common of 1.18 million assaults perpetrated by nationwide and worldwide hacking organizations in November. 

Nonetheless, a NIS spokesperson revealed by way of native information outlet Kyunghyang Shinmun that all the $620 million stolen by North Korean hackers by DeFi exploits occurred abroad, including: 

“In Korea, digital asset transactions have been switched to real-name transactions and safety has been strengthened, so there is no such thing as a harm.”

Many funds have been misplaced in DeFi exploits this 12 months. Supply: Token Terminal

In 2021, South Korea carried out new Know Your Buyer cryptocurrency buying and selling guidelines requiring shoppers to create a real-name account with the identical financial institution as their cryptocurrency change to deposit or withdraw funds. Each the financial institution and the change are then required to confirm the consumer’s identification. As well as, exchanges should get hold of a license from the Monetary Companies Fee earlier than commencing operations.

North Korean hacker syndicates, corresponding to Lazarus Group, have been linked to a lot of high-profile DeFi breaches this 12 months, together with the $100 million Concord assault. Consultants stated that such assaults are a way of producing overseas foreign money reserves within the face of strict business sanctions imposed by the worldwide group. The NIS additionally warned that North Korean cyberattacks would intensify subsequent 12 months:

“It’s mandatory to research assaults as carefully as defenses. As a result of one hacker group has all of the assault info and doesn’t neglect it. It’s mandatory to collect info associated to malicious code scattered by numerous attackers to seek out significant insights.”

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