3 steps crypto investors can take to avoid hacks by the Lazarus Group

One of its earliest crypto-related hacks was the breach of South Korean crypto exchange Yapizon (later on rebranded to Youbit) in April 2017, resulting in the theft of 3,831 Bitcoin, worth over $4.5 million at the time.The Lazarus Groups activities in the cryptocurrency area have raised concerns about its ability to produce funds for the North Korean routine and avert international sanctions. The Federal Bureau of Investigation (FBI) blamed Lazarus Group for the Alphapo, CoinsPaid and Atomic Wallet hacks, specifying that losses from all of these hacks add up to over $200 million the group has actually stolen in 2023. According to blockchain security firm SlowMist, the $55 million hack of the crypto exchange CoinEx was brought out by the North Korean state sponsored hackers.Most hacks involve social engineering and make use of human errorContrary to what films typically display, meaning hackers either getting physical access to devices or brute requiring passwords, a lot of hacks take place through phishing and social engineering.

One of its earliest crypto-related hacks was the breach of South Korean crypto exchange Yapizon (later on rebranded to Youbit) in April 2017, resulting in the theft of 3,831 Bitcoin, worth over $4.5 million at the time.The Lazarus Groups activities in the cryptocurrency space have actually raised issues about its ability to create funds for the North Korean regime and avert worldwide sanctions. The Federal Bureau of Investigation (FBI) blamed Lazarus Group for the Alphapo, CoinsPaid and Atomic Wallet hacks, mentioning that losses from all of these hacks include up to over $200 million the group has stolen in 2023. According to blockchain security company SlowMist, the $55 million hack of the crypto exchange CoinEx was brought out by the North Korean state sponsored hackers.Most hacks involve social engineering and exploit human errorContrary to what movies typically display, indicating hackers either acquiring physical access to devices or brute forcing passwords, many hacks occur through phishing and social engineering. The hackers proceed by sending a relatively innocuous file, like a PDF or a Word file, which includes malware.How crypto investors can prevent hacks and exploitsLuckily, in spite of the increasing sophistication and abilities of hackers today, there are three simple actions you can take to keep your funds safe.