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$571 Mn In Cryptocurrency Stolen By North Korean Hacker Group

The Lazarus cybercrime group launched a highly sophisticated Bitcoin-stealing phishing campaign -- HaoBao -- which targeted global financial organisations and Bitcoin users.

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Although fears of a blanket block on services have not materialized, industry experts say VPN connections often face outages Pixabay

Amid growing crypto-jacking episodes, a North Korean hacking group called Lazarus has stolen cryptocurrencies worth more than half a billion dollars.

According to The Next Web that cited findings from the annual report of cybersecurity vendor Group-IB late on Friday, Lazarus was behind 14 hacking attacks on cryptocurrent exchanges since January 2017 — stealing $571 million.

Lazarus is a hacking group which has been linked to a string of attacks against everything from banks to government agencies across the world.

Hackers targeted cryptocurrency exchanges with spear phishing, social engineering, and malware.

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Experts: Cyber attacks Growing Increasingly Sophisticated. Pixabay

“Spear phishing remains the major vector of attack on corporate networks. For instance, fraudsters deliver malware under the cover of CV spam [with an attachment] that has a malware embedded in the document,” the findings showed.

Group-IB expects the number of targeted attacks on cryptocurrency exchanges to rise, and not just the ones from Lazarus.

Nearly 10 per cent of the total funds raised by Initial Coin Offering (ICO) platforms over the past year and a half have been stolen.

According to the report, large phishing groups are capable of stealing $1 million a month.

Fraudsters are even building fake websites using stolen cryptocurrency project descriptions and plagiarized white papers.

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You cannot expect to rush into cryptocurrency trading and think you will make a huge
investment worth millions. Pixabay

“Fraudulent phishing-schemes involving crypto-brands will only get more complex as well as cybercriminals’ level of preparation for phishing attacks,” the group warned.

Security researchers have claimed that North Korea-based advanced persistent threat (APT) groups are increasingly attacking financial institutions and Bitcoin exchanges.

There were on average five new threat samples every second that resulted in a massive 629 per cent growth in cryptojacking and other cryptocurrency mining malware in the first quarter of 2018.

The coin miner malware grew a stunning 629 per cent to 2.9 million in the first quarter of 2018, from around 400,000 total known samples in Q4 2017, said a recent report from global cyber security firm McAfee.

Also Read: Is Investing in Bitcoin Safe? Get The Basics First

The Lazarus cybercrime group launched a highly sophisticated Bitcoin-stealing phishing campaign — HaoBao — which targeted global financial organisations and Bitcoin users.

When recipients open malicious email attachments, an implant would scan for Bitcoin activity and establishes an implant for persistent data gathering and crypto mining. (IANS)

Next Story

International Conference On Border Security By U.S. State Department Cancelled Due To Shutdown

Trump is demanding $5.7 billion to build a wall along part of the U.S.-Mexico border that he says is crucial for U.S. national security.

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People enter the State Department building in Washington, Jan. 26, 2017. VOA

An international conference on border security that was to be hosted by the State Department has been canceled, due to the partial shutdown of the U.S. government over border security.

 

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A U.S. Border Patrol agent looks at one of border wall prototypes in San Diego, June 28, 2018. VOA

 

The State Department said 250 experts on export control and border security from 85 countries were expected to participate in the conference scheduled for mid-February in Edinburgh, Scotland.

CNN was the first to report that the director of the State Department’s Office of Export Control Cooperation, Kathryn Insley, sent a letter Jan. 16 to at least 55 U.S. embassies and missions worldwide, asking them to let officials in their countries know the conference has been called off.

The letter said the decision was made because of the “uncertainty associated with the continuing partial U.S. federal government shutdown.” Insley’s letter stated officials “are working to identify alternative dates” and would be in contact with participants “as soon as we are operational again.”

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President Donald Trump reviews border wall prototypes in San Diego, March 13, 2018. VOA

“In light of the very limited funding available during the lapse in appropriations, the Department will exercise judicious use of limited, remaining resources,” a State Department spokesperson told The Hill newspaper. “Travel, hiring, contracting, public affairs, and other activities will continue to operate in a constrained manner.”

Also Read: The Great U.S. Government Shutdown

The partial government shutdown has extended into its 32nd day, affecting more than 800,000 federal workers across the country.

Border security is at the center of the fight between U.S. President Donald Trump and the Democrats that has paralyzed a quarter of the federal government.

Trump is demanding $5.7 billion to build a wall along part of the U.S.-Mexico border that he says is crucial for U.S. national security. The Democrats have refused his demand, creating a stalemate. (VOA)