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The United States, Japan, and South Korea have accused North Korea's Lazarus Group of orchestrating a $235 million hack on the WazirX cryptocurrency exchange, contributing to an estimated $659 million stolen in 2024. The trio warned the global crypto industry about the sophisticated cyber threats posed by North Korean hackers, urging firms to bolster cybersecurity and avoid inadvertently hiring North Korean IT workers. They also announced plans to impose sanctions on affiliated hacking groups and collaborate to enhance cybersecurity in the Indo-Pacific region.
Japan, South Korea, and the US issued a joint warning about North Korean cyber threats targeting the crypto industry, highlighting significant hacks in 2024 that resulted in over $370 million in losses. The notorious Lazarus Group employs malware and social engineering tactics, prompting governments to enhance cybersecurity measures and collaboration with the private sector. In 2024 alone, North Korean actors were responsible for $1.3 billion in crypto theft, marking a 103% increase from the previous year.
The US, Japan, and South Korea have issued a joint warning about the escalating threat of North Korean cryptocurrency hackers, notably the Lazarus Group, responsible for major cyber thefts like the $600 million Ronin network hack. In 2024 alone, North Korean hackers stole over $1.34 billion in digital assets, accounting for more than 61% of total crypto thefts this year. The three nations emphasize collaboration to combat these cybercrimes and prevent funding for North Korea's weapons programs.
In 2024, the crypto sector faced unprecedented losses of $3.01 billion due to hacks and scams, with North Korean hackers responsible for $1.34 billion, including a significant $300 million theft from Japan’s DMM Exchange. The WazirX hack revealed critical vulnerabilities in crypto infrastructure, leading to $230 million in losses and highlighting the urgent need for enhanced security measures. Despite efforts, recovery remains low, with only $488.5 million retrieved, underscoring the ongoing threat posed by sophisticated cybercriminals.
A new blockchain security solution could prevent over 99% of cryptocurrency hacks and scams, which cost the industry $2.3 billion in 2024. By simulating and validating transactions offchain, this approach addresses vulnerabilities in centralized exchanges and could have detected the $230 million WazirX hack days before it occurred. Phishing scams remain a significant threat, accounting for $1 billion in losses across 296 incidents this year.
Indian crypto exchange WazirX is implementing a restructuring plan following a $235 million cyberattack attributed to North Korea’s Lazarus Group. Under a Singapore Scheme of Arrangement, the exchange aims to compensate affected users, with initial token distributions expected to yield 75% to 80% of account balances. Meanwhile, competitor CoinSwitch has launched a recovery fund of 600 crore Indian rupees ($69.9 million) to support WazirX hack victims and is pursuing legal action to recover its own funds.
In a troubling trend, the cryptocurrency sector has faced a series of significant hacks within just ten days, exposing vulnerabilities across major platforms. Notable incidents include a $235 million breach at WazirX, a $10 million exploit of Li.Fi, and a $7.6 million theft from Rho Markets, highlighting the urgent need for enhanced security measures in digital finance. As these attacks reveal critical weaknesses, the industry must prioritize robust protocols to safeguard user data and assets.
CoinSwitch has launched a $70 million recovery fund to assist victims of the WazirX hack, which occurred in July 2024. The initiative, named "CoinSwitch Cares," aims to support affected users by distributing funds over two years, contingent on proof of losses. CoinSwitch plans to target around four million WazirX users, funding the program from its cash reserves.
Pig butchering scams have emerged as the leading crypto fraud scheme in 2024, resulting in $3.6 billion in losses, primarily on the Ethereum blockchain. Over 150,000 addresses were linked to these scams, which often involve long-term grooming of victims through dating apps and social media. In response, experts are calling for enhanced user education, improved wallet security, and stricter regulations for crypto platforms to combat this growing threat.
The rise in P2P scams in India has complicated the cryptocurrency landscape, leaving many traders vulnerable to legal repercussions due to a lack of regulatory clarity. Influential figures, including Sumit Gupta of CoinDCX, urge caution and thorough vetting of P2P transactions to safeguard the community. Experts advocate for enhanced law enforcement training and public awareness initiatives to combat these evolving cyber threats effectively.
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