The Rising Threat of Crypto Theft by North Korean Hackers

In 2024, the world of cryptocurrency experienced a surge in cyber-attacks, with North Korean hackers leading the charge. These sophisticated groups, notably the Lazarus Group, have stolen approximately $1.6 billion in digital assets so far this year. They target centralized exchanges, decentralized finance (DeFi) platforms, and individuals alike, using advanced tactics to gain access to valuable crypto wallets.

North Korean hackers are driven by the need to fund their nation’s weapons programs and bypass international sanctions. They have become experts in breaching security measures and finding vulnerabilities in crypto platforms. This puts both investors and companies at serious risk, and the need for better protection is more crucial than ever.

Read more about North Korean social engineering tactics at Internet Crime Complaint Center

This announcement includes an overview of the social engineering tactics North Korean state-sponsored actors use against victims working in DeFi, cryptocurrency, and related industries; potential indicators of North Korean social engineering activity; mitigation measures for those most at risk; and steps to take if you or your company may have been victimized.

The shift in target: centralized exchanges and DeFi platforms

Until recently, centralized exchanges were seen as somewhat safer than decentralized platforms, which were frequently attacked. However, 2024 saw a return to targeting major exchanges like DMM, which lost $305 million, and BTCTurk, with a $55 million loss. In the world of DeFi, platforms such as Euler Finance have been hit hard, with losses reaching $197 million.

While exchanges work tirelessly to strengthen their security, it is clear that hackers are evolving just as quickly, using both direct hacking methods and social engineering attacks to trick individuals into giving away their private keys. Even the most advanced exchanges cannot guarantee total protection against these evolving threats.

Protecting your assets is solely your concern, most attacks occur by phishing and hacking computers and smartphones that transmit information over unsecured communication channels. To keep yourself safe we highly recommend a VPN. But not every VPN is safe, how to set up your own private tunnel to encrypt your traffic is explained in this article.

Why a cold wallet is your best defense

With the rise in cyber-attacks, it’s vital to take control of your crypto security by using a cold wallet, such as Ledger. Unlike hot wallets that are connected to the internet, cold wallets are offline and provide a layer of protection against online threats.

Here are some key reasons why a Ledger cold wallet is a must for any crypto investor:

1. Offline security: Since a cold wallet is not connected to the internet, it’s immune to hacking attempts. Hackers cannot penetrate your Ledger wallet unless they have physical access to it.
2. Private key protection: With a Ledger, your private keys never leave the device. This ensures that even if your computer is compromised by malware, your crypto assets remain secure.
3. Multi-currency support: Ledger wallets support a wide range of cryptocurrencies, from Bitcoin and Ethereum to smaller altcoins, ensuring your entire portfolio is safe.
4. Backup and recovery: In case you lose your Ledger wallet, you can recover your funds using a secure backup recovery phrase.

How to move your assets to a cold wallet

Moving your assets to a Ledger is easy and highly recommended:

1. Purchase a Ledger Wallet: Head over to the official Ledger website and choose a device that fits your needs (Ledger Nano S or Nano X).
2. Set up and secure your wallet: Follow the instructions to set up your device and make sure to safely store your recovery phrase.
3. Transfer your assets: Once the wallet is set up, transfer your digital assets from exchanges or hot wallets to your Ledger wallet. Always double-check the receiving address to avoid any mistakes.

Don’t wait until it’s too late

Given the sharp increase in crypto theft and the sophisticated nature of these attacks, protecting your investments should be your top priority. A cold wallet like Ledger is a proven solution that can save you from the devastating consequences of a hack. With North Korean hackers continuing to target cryptocurrency, taking steps to safeguard your assets is not just smart — it’s necessary.

Take action today and ensure that your crypto is protected. Visit the Ledger website and secure your digital assets before it’s too late.

By choosing a cold wallet, you are making a critical decision to protect your financial future in an increasingly dangerous digital world.

Be safe.