The United States, Japan, and South Korea will work together and combat increasing crypto hacks. According to a joint statement released on Tuesday, the countries disclosed that North Korean hackers are responsible for major cyber attacks on crypto and blockchain projects.
As revealed, the statement pointed out how popular North Korean hacker syndicate Lazarus Group is the leading suspect for the hacks on Ronin Network and India-based WazirX exchange that claimed up to $850 million. The partnering nations accused North Korea of using the hack loot to sponsor its nuclear weapon programs.
They went on to opine that the hackers are serious issues that may affect the stability and integrity of the international financial markets. Furthermore, the announcement established that the three governments will work together to put an end to cyber-attacks in the sector.
Similarly, they emphasized their readiness to reclaim the stolen assets from the hackers and deny North Korea funds to finance its weapon projects. The announcement hinted that there would be a collaboration between the public and private sectors of the countries to stop the illicit program.
With the increasing attention on North Korea’s hacker groups, the US, Japan, and South Korea have maintained a watchful oversight to block loopholes the bad actors are penetrating to attack. Recently, South Korea sanctioned about 15 individuals from North Korea for using cryptocurrencies to generate funds for the country’s development of ballistic weapons.
How North Korean Hackers are Behind Major 2024 Crypto Hacks
North Korean hackers have been linked with major cryptocurrency attacks in 2024 allegedly stealing up to $1.3 billion during the year. According to a report from Chainalysis, groups from the country are responsible for about 47 cyber attacks in the crypto space during the year.
Conversely, in 2023, the North Korean hacker group only looted $660 million which indicates a 102% increase in 2024. As per the statement, the North Korean syndicates are connected to the $305 million hack on the popular Japanese cryptocurrency exchange, DMM Bitcoin in May 2024.
Other high-profile attacks associated with the groups include Upbit ($50 million), $50 million Radiant Capital ($50 million) and Rain Management ($16 million). Meanwhile, the report suggested that syndicates from North Korea targeting cryptocurrency projects have improved their skills over the years.
This figure indicated that hackers from North Korea are responsible for more than 60% of the total stolen funds in the crypto market in 2024. Cyvers, a reputable on-chain security firm, disclosed that hackers stole $2.3 billion from the crypto market in 2023.
Chainalysis pointed out how the hackers managed to claim bigger loot in 2024 compared to past years. The blockchain analytical firm stated that recent attacks by the group focused on claiming $50 million to $100 million loot, unlike 2023 and other past years.