Korean Hackers Big Attack On Cryptocurrency! 29.65 billion cryptocurrency theft [TKB Tech]

Cryptocurrency is based on Blockchain and Blockchain technology is considered to be quite secure.

But still cryptocurrency theft is happening in huge quantities. However, hackers did not steal cryptocurrencies by breaking into the blockchain, but in another way. According to the report, North Korean hackers stole about $400 million worth of cryptocurrency last year

Hackers have attacked most investment firms and centralized exchanges to steal cryptocurrencies. However, North Korea has consistently denied this. Blockchain analysis firm Chainalysis has said that North Korean hacking has increased by 40% from 2020 to 2021. For this hackers are adopting different methods.

According to the report, hackers are also using phishing to steal cryptocurrencies. Phishing is a common hacking practice under which users are targeted by sending fake links or emails to them. Apart from phishing, cybercriminals are also stealing cryptocurrencies through code exploits and malware. According to this analysis firm, hackers are sending funds from hot wallets to their North Korea controlled addresses through malware.

Generally this type of hacking is done on a large scale. Talking about hot wallets, it is a term where cryptocurrencies are kept held. Hot Wallet is actually a crypto wallet. This is the easiest and most common way to save cryptocurrency.

Since hot wallets are always connected to the Internet and cryptocurrency networks, the risk of hot wallet hacking also increases. Hot Wallet is also an easy way to send and receive cryptocurrencies.

According to the report of Chainalysis, hackers have attacked crypto platforms 7 times in 2021. During hacking, cryptos have been stolen from hot wallets connected to the Internet. Chainalysis has also said in its report that once North Korea gets custody of these funds, they then cash it to cover up from the laundering process.

Experts are cautioning to transfer large amounts of cryptocurrencies to cold wallets which are not needed much every day. Cold wallets are generally not connected to the wider internet, so the chances of hacking are also less there.