North Korea Tied To Crypto Hack On Betting Platform, FBI Reveals

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A well-known North Korean hacker group has once again made headlines this week, as federal authorities have revealed that they successfully stolen approximately $41 million worth of cryptocurrencies. This audacious theft targeted an online casino and betting platform, demonstrating the group’s continued prowess in the world of cybercrime.

The Federal Bureau of Investigation (FBI) has been closely monitoring the activities of this cybercriminal organization and has issued a stark warning about the scale of their illicit endeavors.

Crypto Hack: Over $200 Million Lost

According to the FBI, this particular hacking group has managed to pilfer a staggering sum of over $200 million in ill-gotten gains just within the span of this year.

This disturbing pattern of financial theft underscores the persistent threat posed by North Korean hackers in the realm of cybersecurity. Their ability to carry out high-value heists with relative impunity serves as a stark reminder of the need for enhanced cybersecurity measures and international cooperation to counteract such criminal activities.

On September 4, Stake.com temporarily halted its operations due to unauthorized transfers from its hot wallets affecting Ethereum, Polygon, and the Binance Smart Chain.

Total crypto market cap reached $1.01 trillion on the weekly chart: TradingView.com

The incident only impacted these specific wallets, with all others remaining unaffected. Stake.com resumed normal operations within five hours of identifying the issue. The FBI has now confirmed that the theft amounted to $41.3 million and attributed it to the Lazarus Group.

Insider said its request for comment on Friday went unanswered by Stake.com representatives. However, Edward Craven, one of the co-founders of the online casino, described the cyberattack as a “sophisticated breach” in an interview with DL News.

Source: TRM Labs

Culprit: North Korea And The Lazarus Group

The FBI has pointed out that the Lazarus Group of North Korea, which was previously sanctioned by the US Department of Treasury’s Office of Foreign Assets Control in 2019, has been responsible for numerous other notable global cryptocurrency thefts.

Stake, a major cryptocurrency casino based in Curaçao, is known for offering betting options with popular assets like Bitcoin and Ethereum, as well as a sportsbook with over 40 sports markets.

Since its launch in 2017, Stake.com has garnered a user base exceeding 500,000 worldwide, with a presence spanning multiple countries, including Canada, Brazil, Japan, and the United Kingdom.

The FBI said it will continue to expose and combat the DPRK’s use of illicit activities to generate revenue for the regime. “This includes cybercrime and virtual currency theft,” the bureau said.

Featured image from The Hacker News

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