As cryptocurrencies continue to increase in popularity, they continue to draw attention from all types of malicious actors. In an unprecedented move, the Federal Bureau of Investigation (FBI) recently announced that North Korean hackers are preparing to cash out hundreds of millions of dollars in cryptocurrency after a series of high-profile crypto hacks.
The development of blockchain technology and cryptocurrencies have been viewed as an important advancement in the field of digital security. However, as crypto assets have become increasingly popular, they have also become a tempting target for cybercriminals. A number of high-value heists have occurred in recent years, including the now-infamous $500 million Coincheck hack of 2018.
Now, the FBI has warned that North Korean hackers have their sights set on cashing out hundreds of millions of dollars through the use of cryptocurrency. According to the FBI’s announcement, North Korean hackers have already stolen over $2 billion since 2020 and have been using a range of tactics to sneakily siphon off crypto assets from cryptocurrency exchanges, wallets, and other services.
To try and mitigate this worrisome trend, the FBI has asked the public to remain vigilant in spotting any suspicious activity related to asset transfers, especially those involving cryptocurrency. As the statement from the FBI reads:
“The FBI urges the public to remain vigilant in reporting suspicious activity, such as transactions involving perplexing periods of activity or large transfers of funds which suggest a potential for a cybercrime to benefit the North Korean regime.”
The announcement is yet another reminder of the need to remain vigilant when it comes to cryptocurrency security. If a hacker is able to successfully breach the security protocols of a crypto exchange or wallet, access to digital assets can be taken with minimal effort. It is therefore recommended that users take extra steps to ensure that their cryptocurrency holdings remain secure by using two-factor authentication and other sensible security practices.
Cryptocurrencies have become a major force in the world of finance, and continue to grow in both value and popularity. It is therefore unsurprising that they have come under the radar of malicious actors. As the FBI’s warning indicates, it is essential to take measures to ensure that one’s funds remain safe from hackers and other malicious entities.
