NewsCrimeNorth Korean-linked hackers targets game company, carry out $620m...

North Korean-linked hackers targets game company, carry out $620m Crypto heist

-

- Advertisment -

North Korean-tied hackers were responsible for a $620-million cryptocurrency heist last month targeting players of the popular Axie Infinity game, US authorities said Thursday.

The hack was one of the biggest to hit the crypto world, raising huge questions about security in an industry that only recently burst into the mainstream thanks to celebrity promotions and promises of untold wealth.

Last month’s theft from the makers of Axie Infinity, a game where players can earn crypto through gameplay or trading their avatars, came just weeks after thieves made off with around $320 million in a similar attack.

“Through our investigations we were able to confirm Lazarus Group and APT38, cyber actors associated with (North Korea), are responsible for the theft,” the FBI said in a statement.

Lazarus Group gained notoriety in 2014 when it was accused of hacking into Sony Pictures Entertainment as revenge for “The Interview,” a satirical film that mocked North Korean leader Kim Jong Un.

North Korea’s cyber-program dates back to at least the mid-1990s but has since grown to a 6,000-strong cyber-warfare unit, known as Bureau 121, that operates from several countries including Belarus, China, India, Malaysia, and Russia, according to a 2020 US military report.

A threat analyst with digital security firm Netenrich, John Bambenek, said North Korea is “unique” in employing groups dedicated to cryptocurrency theft.

“As North Korea is highly-sanctioned, cryptocurrency thefts are also a national security interest for them,” he said.

North Korean hackers stole around $400 million worth of cryptocurrency through cyberattacks on digital currency outlets last year, blockchain data platform Chainalysis said in January.

In the case of the Axie Infinity heist, attackers exploited weaknesses in the set-up put in place by the Vietnam-based firm behind the game, Sky Mavis.

The company had to solve a problem: the Ethereum blockchain, where transactions in the ether cryptocurrency are logged, is relatively slow and expensive to use.

To allow Axie Infinity players to buy and sell at speed, the firm created an in-game currency and a sidechain with a bridge to the main Ethereum blockchain.

The result was faster and cheaper — but ultimately less secure.

The attack targeting its blockchain netted 173,600 ether and $25.5 million worth of stable coin, a digital asset pegged to the US dollar.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

2022 Mushin Day: Malaika to headline All White Party celebration in London June 3

The echoes of fun life in a popular community in Lagos is about to be heard in the faraway...

Iyabo Ojo blows hot as she reacts to allegations about daughter, Priscilla dating Kizz Daniel

Nollywood actress, Iyabo Ojo has spat fire while reacting to an allegation about her daughter, Priscilla dating singer, Kizz...

Abuja female Corps member bathed with acid, killed over boyfriend

The Federal Capital Territory Police Command has paraded three suspects in connection with the murder of a female member...

Poetry and essay competition to celebrate Tokunbo Wahab at 50

A poetry and essay competition has been instituted by renowned filmmaker and the President of Association of Movie Producer...
- Advertisement -

Tokunbo Wahab: An uncommon legal eagle soaring daily to a greater place in history

By Victor Ojelabi It amazes many how some politicians quickly gather court-like followership that often transcend their generation. Why would...

Ecobank aided AMCON to steal my N5b worth Hotel, Suru Group boss laments

Chairman of Suru Group traces the origin of his problem with AMCON to when Ecobank without notice, sold their...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you