Researchers have exposed North Korea’s strategy of hacking into the blockchain system. The victims of the $400 million are the crypto trading companies; the hackers stole cryptocurrencies from the digital wallet. The country has a recent record of several malpractices concerning international financial institutions. NBC reports that North Korea stole digital assets worth $316 million to fund their nuclear projects in the previous years. The reports state that North Korea’s hackers have manipulated seven cryptocurrency transactions.
Hackers Attack Online Crypto Trades
The rise of the crypto market in recent years has drawn increased interest from investors worldwide. The software developers have facilitated users to trade coins and use crypto for miscellaneous transactions. Various systems are there allowing the conversion of crypto to cash. The crypto market is subject to cyberattacks due to its decentralized nature and occasional failure in compliance with transaction rules. The vast network of investors and traders in the crypto market allows hackers to access crypto holders’ sensitive personal information, which they use for data manipulation and other illegal practices.
The decentralized network of cryptocurrency has several advantages and disadvantages. While the blockchain provides for smooth and cost-effective trade with significant profits, it also witnesses higher illegal practices due to the absence of a concrete legal framework. The users should run a background check of the company trading crypto on their behalf. Investors should use a secure platform to prevent cyberattacks by hackers. Several countries worldwide are aware of North Korea’s evil intentions and its attempt to create a hoax in the market.
The Blockchain Needs To Be More Secure
On Thursday, Kaspersky, a cybersecurity company, reported that North Korea has a whole team of professional hackers to hack into the systems of less specific small or medium-sized crypto-trading companies. The reports show a steal of $14 billion in 2021. Enhancement of blockchain security is the need of the hour; the developers should introduce secure networks to prevent hacking attempts. The companies dealing with cryptocurrency should frame strict policies concerning the safety compromise in the market. A senior crypto analyst told NBC that North Korea adopts a unique approach and refrains from transforming crypto-assets into the conventional currency.