North Korean hackers stole over 800 billion won worth of cryptocurrencies from DeFi platforms: Report

Insights from a South Korean National Intelligence Service (NIS) showed that North Korean hackers have stolen over 800 billion Korean won ($620 million) worth of cryptocurrencies from decentralised finance (DeFi) platforms this year, as reported by Cointelegraph.

“In Korea, virtual asset transactions have been switched to real-name transactions and security has been strengthened, so there is no damage,” a NIS spokesperson stated through local news outlet Kyunghyang Shinmun, and that North Korean hackers stole $620 million using DeFi exploits overseas.

According to Cointelegraph, in 2021, South Korea unveiled new Know-Your-Customer (KYC) cryptocurrency trading regulations for clients to develop a real-name account in connection with the same bank as their cryptocurrency exchange to conduct financial transactions. Furthermore, exchanges are required to get a licence from Financial Services Commission prior to beginning operations. North Korean hacker Lazarus Group has reportedly been connected to DeFi breaches this year, including the $100 million Harmony attack. 

“It is necessary to analyse attacks as closely as defences. Because one hacker organisation has all the attack information and does not forget it. It is necessary to gather information related to malicious code scattered by various attackers to find meaningful insights,” the NIS highlighted.

(With insights from Cointelegraph)

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