After federal officials disclosed that a notorious North Korean hacking cell had stolen $41 million worth of cryptocurrency, they were back in the news this week.
The FBI has been keeping an eye on this cybercriminal group and has issued a stern warning about the scope of their criminal operations.
The FBI estimates that this single cyber organization has stolen over $200 million in illicit proceeds this year alone.
This worrying trend in monetary theft highlights the ongoing danger presented by North Korean hackers. Their apparent lack of repercussions for their high-stakes thefts should serve as a wake-up call for improved cybersecurity safeguards and international collaboration to combat this growing threat.
Since Ether, Polygon, and the Binance Smart Chain were affected by the illicit transactions from Stake.com’s hot wallets on September 4th, the company was forced to temporarily suspend operations.
Only these wallets were affected by the hack, the others were unharmed. Within five hours of discovering the problem, Stake.com was back to business as usual. The FBI has officially established that $41.3 million was stolen, and they have pinpointed the Lazarus Group as the culprit.
According to Insider, Stake.com executives did not respond to the publication’s request for comment made on Friday. While this may be true, Edward Craven, one of the online casino’s co-founders, characterized the intrusion as a “sophisticated breach” in a conversation with DL News.
The FBI has warned that the Lazarus Group, a North Korean hacking ring that was already sanctioned by the US Department of Treasury’s Office of Foreign Assets Control in 2019, is responsible for a number of other high-profile crypto thefts throughout the world.
Stake is a prominent cryptocurrency casino located in Curaçao, and it is well-known for its sportsbook that has over 40 different sports markets and betting possibilities using notable assets such as Bitcoin and Ethereum.
Stake.com launched in 2017, and since then, it has attracted over half a million users from all over the globe.
The FBI has pledged to keep uncovering and combating the DPRK’s reliance on illegal operations to fund the dictatorship.
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