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North Korea Hacks US Cloud for Crypto

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ByMarcel Bich

Aug 25, 2023
North Korea Hacks US Cloud for Crypto
Marcel Bich
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Hacker collective Labyrinth Chollima targeted US cloud service company JumpCloud, which is known for having a single login point.

The North Korean group Labyrinth Chollima targeted the cloud authentication provider JumpCloud, which is situated in the US, in a cyberattack in June 2023. Using information from Crowdstrike and SentinelOne, TechCrunch reported this occurrence.

While acknowledging the incident, JumpCloud representatives did not reveal who the perpetrators were. IT professionals believe that Labyrinth Chollima, a hacking group affiliated with the North Korean government, was behind the attack based on similarities to earlier operations carried out by Pyongyang hackers.

Crypto Businesses at Risk: North Korean Cyber Attacks & Stolen Cryptocurrency

JumpCloud reportedly offers services to more than 180,000 firms, some of which are cryptocurrency companies that might be hacked. It is uncertain how extensive the intrusion was, however JumpCloud admitted that it forced its customers to change their API keys.

It was previously reported by South Korean intelligence that North Korean cyberterrorists had successfully stolen the country’s cryptocurrency in 2022 for $700 million. The intelligence agency alleged that the DPRK was responsible for two cyberattacks that resulted in the theft. The specifics of the situation are still unknown. South Korea anticipates further attempts to steal coins from the country since it doesn’t think the North Korean government has yet figured out how to turn the stolen cryptocurrency into cash. Nearly 30% of the DPRK’s foreign money gains, according to the intelligence service, come from cryptocurrencies stolen through cyberattacks.

North Korean attackers will have stolen about $1.7 billion in cryptocurrencies by 2022, according to predictions made by on-chain business Chainalysis. In contrast, North Korea only made about $142 million from exports in 2020. The most popular method used by North Korean criminals to launder coins is through decentralized exchanges and mixers.

 
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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.