Is North Korea behind the biggest Cryptocurrency heist?

Cryptocurrency is not a new term for North Korea. There have been serious allegations against the reprobate regime for the induction of a ransom attack on a global level for raising bitcoin, hacking the exchanges in South Korea and mining the crypto on the computers and within its borders as well as. Reuters recently reported that North Korea is now the biggest suspect in the world’s most serious cryptocurrency larceny.

The national spy agency of South Korea informed a parliamentary committee of their suspicion towards the North Korean hackers regarding the heist that took place last moth worth 530 million dollars’ digital currency from the Japanese cryptocurrency exchange Coincheck, as per the reports by Reuters, cited by anonymous sources.

Coincheck, which is a Tokyo-based agency informed Reuters that someone logged in illegally into its digital wallet and got away with more than 520 million XEM (a digital currency), which reportedly affected around 260,000 users. Company also admitted to the fact that they were not taking all the required precautionary measures and hence, promised to reimburse customers by using its own money. Japanese authorities made sure that they are going to check for all the security gaps after the contravention in all possible local crypto exchanges.

North Korea is supposedly stealing from the South Korean crypto reserves and converting them to hard cash amongst the UN authorizations which are pressurizing its cash reserves.

The security firm ‘FireEye’ reported from September that the North Korean hackers targeted around three South Korean exchanges with the intention of stealing funds from them last year and they succeeded only in one attack. When the Seoul based exchange Youbit filed for impoverishment after it lost 17 percent of its assets in December after a cyberattack, North Korea was also looked upon as a suspect in the hack by South Korean investigators.

The coincheck hack has been the biggest crypto heist reported in the market ever. The previous biggest theft on that record was when in 2014, Mt. Gox (Tokyo based exchange) filed for bankruptcy after losing about $480 million worth cryptocurrencies in a hack. North Korea used fake job offers to hack passwords and details of customers, according to Korea Herald and Chosun Ilbo, referring to a lawmaker.