North Korean hackers increase attacks on individual crypto investors
North Korean hackers have changed tactics, and are now beginning to target cryptocurrency owners directly.
A report published by South China Morning Post describes North Korea’s efforts to obtain funds for its ever-struggling nuclear weapons program. Due to increasing security on cryptocurrency exchanges, North Korean hackers have been forced to focus more attention on individual investors.
South Korean cyber security firm Cuvepia has reported more than 30 hacking cases so far this year, in which hackers have stolen funds from investors. CEO Kwon Seok-Chul has stated that the actual number of people affected could be well over 100.
“In fact, when cryptocurrencies are hacked, there is nowhere one can make complaints…” says Kwon.
The lack of cryptocurrency regulations means a lack in security measures as well as organizations to report hacking to.
Kwon believes that previous cryptocurrency-related hacks resulted in the exposure of many investors’ information. Hackers then use that information to develop elaborate emails targeted towards that specific person. Individual investors are then deceived into opening emails sent from hackers. Once opened, a victim’s computer is infected with malware that gives hackers control. Once an investor’s computer is infected, hackers can steal anything they please without leaving a trace.