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North Korea Said To Orchestrate Largest Crypto Heist Of All Time

North Korea Said To Orchestrate Largest Crypto Heist Of All Time

A sophisticated group of hackers tied to North Korea is suspected of being behind the last month's $500 million hack of Japanese cryptocurrency exchange CoinCheck, Bloomberg reported Tuesday - according to a South Korean lawmaker who attended a meeting with the head of the country's intelligence service.

Of course, the CoinCheck hack, which elicited a furious response from Japanese regulators who are reportedly contemplating serious sanctions against the exchange and its senior employees for its inexplicably lax security, isn't the first where North Korea tied groups are suspected of involvement: They are widely believed to have been responsible for the collapse of South Korean exchange YouBit back in December.

The CoinCheck hack -widely believed to be the largest crypto heist in history, eclipsing the nominal value taken from Mt. Gox - is being investigated by the South's National Intelligence Service, which already has its hands full preparing for the Winter Games in PyeongChang, set to begin Friday.



CoinCheck executives answer questions from Japanese regulators.

According to South Korean intelligence, there are unspecified similarities between the Youbit and CoinCheck hacks - though the South Korean spy agency admits it has no direct evidence.

The North is well-known for its hacking prowess. NK-linked hackers are suspected of perpetrating some of the most high-profile hacks of the last five years, including the WannaCry and Petya hacks last spring, and the embarrassing 2014 hack of Sony Pictures. In an interesting innovation, North Korean hackers are suspected of infiltrating systems and installing malware to discreetly mine cryptocurrencies like Monero. Some of these illegal Monero miners have been found in the systems of Russia's largest energy pipeline company.

 

Continued: https://www.zerohedge.com/news/2018-02-06/north-korea-orchestrated-largest-crypto-theft-all-time