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

Cryptocurrency users frequently fall prey to online hacks with Mark Cuban being just the latest high-profile example how nearly a million dollars can leave your digital wallet.

It is possible to substantially bolster the security of your funds by heeding three simple guidelines that will be outlined in this article. But before delving into these, it’s crucial to understand the type of threat that exists today. 

FBI has clear evidence on the Lazarus Group

The Lazarus Group is a North Korean state-sponsored hacking group, known for their sophisticated attacks linked to various cyberattacks and cybercriminal activities, including the WannaCry ransomware attack.

WannaCry disrupted critical services in numerous organizations, including healthcare institutions and government agencies by encrypting files on infected computers and demanding a ransom payment in Bitcoin (BTC).

One of its earliest crypto-related hacks was the breach of South Korean crypto exchange Yapizon (later rebranded to Youbit) in April 2017, resulting in the theft of 3,831 Bitcoin, worth over $4.5 million at the time.

The Lazarus Group’s activities in the cryptocurrency space have raised concerns about its ability to generate funds for the North Korean regime and evade international sanctions. For instance, in 2022 the group was tied to a number of high-profile cryptocurrency hacks, including the theft of $620 million from Axie Infinity bridge Ronin.

The Federal Bureau of Investigation (FBI) blamed Lazarus Group for the Alphapo, CoinsPaid and Atomic Wallet hacks, stating that losses from all of these hacks add up to over $200 million the group has stolen in 2023.

This month, the FBI have attributed Lazarus Group to a $41 million hack of the crypto gambling site Stake, which was carried out through a spear-phishing campaign that targeted some of its employees.

Lastly, according to blockchain security firm SlowMist, the $55 million hack of the crypto exchange CoinEx was carried out by the North Korean state sponsored hackers.

Most hacks involve social engineering and exploit human error

Contrary to what movies usually display, meaning hackers either gaining physical access to devices or brute forcing passwords, most hacks occur through phishing and social engineering. The attacker relies on human curiosity or greed to entice the victim.

Those hackers may pose as customer support representatives or other trusted figures in order to trick victims into giving up their personal information.

For…