In a display of trilateral cooperation, the US, Japan, and South Korea have issued a joint statement warning the global cryptocurrency industry about the escalating threat posed by cyberattacks linked to North Korean actors.
The announcement was made on January 14, 2025.
“The United States, Japan, and the Republic of Korea advise private sector entities, particularly in blockchain and freelance work industries, to thoroughly review these advisories and announcements to better inform cyber threat mitigation measures and mitigate the risk of inadvertently hiring DPRK IT workers.”
— The joint statement read.
Joint Warning Sheds Light On Advanced Methods Employed By Hackers
The FBI indicates North Korea's Lazarus Group was behind an attack on Bahrain-based crypto platform Rain, resulting in a loss of over $16 million.
And it all began on LinkedIn, where hackers masqueraded as recruiters…
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— Thomas Brewster (@iblametom) December 4, 2024
The joint warning highlights the notorious Lazarus Group, known for its strategic cybercrime efforts linked to the Democratic People’s Republic of Korea (DPRK).
In 2024, attacks connected to North Korean actors targeted significant platforms like DMM Bitcoin, Upbit, and Rain Management, causing total losses upwards of $370 million.
Crypto-Related Fraud Resulted In $2.3 Billion In Losses Globally In 2024
According to blockchain security firm Cyvers, crypto-related fraud led to massive losses totaling $2.3 billion in 2024, of which $1.3 billion was ascribed to activities involving North Korean actors, marking a 103% increase over the $660 million stolen in 2023.
These occurrences illustrate the evolving tactics and persistent threats posed by DPRK-affiliated groups, leveraging social engineering and malware to exploit gaps in the crypto ecosystem.
