As a researcher who has spent countless hours diving into the complex world of cybercrime and cryptocurrencies, I find myself both fascinated and alarmed by the events unfolding in this story. The theft from DMM, orchestrated by North Korea-affiliated group TraderTraitor, serves as a stark reminder that the digital frontier is just as treacherous as the physical one.
In May, it was disclosed that criminal elements managed to swipe more than $300 million from the Japanese cryptocurrency exchange DMM, a fact unveiled by the Federal Bureau of Investigation and other law enforcement bodies.
On December 23rd, a joint report was released by the FBI, the Department of Defense’s Cyber Crime Center (DC3), and the National Police Agency of Japan (NPA) detailing the cyber attack responsible for the theft of approximately 4,502.9 Bitcoin (BTC). At the time of the incident, this amount equated to roughly $305 million in value.
Based on FBI reports, the crime under investigation appears to be connected to menacing actions carried out by a North Korean-linked entity known as TraderTraitor. This group employs methods like carefully planned social manipulation aimed at staff members within companies.
North Korean hackers pretended to be a recruiter
In March, according to the FBI, a North Korean cybercriminal posed as a recruiter on LinkedIn. This hacker reached out to an employee at the Japanese cryptocurrency wallet company, Ginco. The FBI stated that this threat actor then sent a malicious link to the employee who had control over Ginco’s wallet management system.
The worker thought the given link directed to a pre-employment coding test on GitHub. Consequently, the affected individual downloaded the code onto their personal GitHub account, leading to a security breach.
In mid-May, hackers linked to the TraderTraitor organization used the data they’d acquired earlier to pose as an employee. This allowed them to infiltrate Ginco’s communication network.
The agency indicated that it’s highly probable that the hackers exploited their access to alter a genuine transaction request from a DMM employee, leading to a Bitcoin loss of approximately $308 million during the incident. As per the FBI, the stolen funds have been transferred to digital wallets managed by the TraderTraiter organization.
The FBI, together with the NPA and various U.S. and global allies, plans to persist in collaborative efforts, aiming to unmask North Korea’s reliance on illegal activities as a means of financing its government.
Crypto thieves steal $2.2 billion in 2024
2024 saw a significant data breach known as DMM, among numerous other hacks and cyberattacks. According to Chainalysis, there were approximately 303 such incidents throughout the year, resulting in potential losses of around $2.2 billion.
Cybers, a company specializing in web3 security, informed CryptoMoon that the sector of traditional finance (CeFi) experienced a significant rise in cybersecurity incidents, seeing a staggering 1000% surge compared to the previous year.
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2024-12-24 10:59