Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»BLOCKCHAIN NEWS»Is Lazarus Group the biggest threat to cryptocurrencies in this bull market?
BLOCKCHAIN NEWS

Is Lazarus Group the biggest threat to cryptocurrencies in this bull market?

By Crypto FlexsMarch 20, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Is Lazarus Group the biggest threat to cryptocurrencies in this bull market?
Share
Facebook Twitter LinkedIn Pinterest Email

Web3 security experts consider North Korea’s Lazarus Group to be the most prominent and sophisticated threat to the cryptocurrency industry in 2024.

Earlier this week, the infamous Lazarus Group reportedly funneled $12 million through cryptocurrency tumbler Tornado Cash. The funds were reportedly linked to the HTX and Heco Bridge hacks last November, which resulted in the platforms losing more than $90 million.

But this wasn’t the group’s only robbery in 2023. North Korean-backed hackers compromised more than $400 million in assets across various cryptocurrency platforms, including CoinEX, Poloniex, Stake.com, and Atomic Wallet throughout the year. In 2022, the group was responsible for the largest DeFi hack in history, compromising the Ronin Network and stealing approximately $620 million.

The Lazarus hack occurred during a prolonged bear market in the cryptocurrency industry, following the collapse of FTX and Terra Luna. In 2024, with the bull market in full swing, important tokens hitting all-time highs, and new meme coins popping up bringing billions of dollars into the market, Lazarus’ concerns are more salient than ever.

Lazarus hacking in the second half of 2023

To understand how the industry can prepare for these risks, crypto.news reached out to web3 security provider Cybers, which exclusively detected the Poloniex hack last year.

How does Lazarus pull off a million-dollar cryptocurrency heist?

According to Cybers CEO Deddy Lavid, Lazarus Group will significantly shift its cyberattack strategy in 2023, targeting centralized entities with a sophisticated and dynamic approach. Moving beyond traditional phishing and brute force methods, the group now uses AI-based phishing campaigns and complex smart contract attacks.

Is Lazarus Group the biggest threat to cryptocurrencies in this bull market?  - 2
On-chain topology used by Lazarus hackers | Image credit: Cyberse

In particular, the attacks against Poloniex and HTX focused on stealing private keys and launching a series of smaller attacks over a short period of time. The group also used pre-programmed bots to launch automated attacks. Bots tend to exist in a system for a long time undetected before they start exfiltrating assets.

Lavid also noted that the Lazarus Group’s modus operandi resembles military precision, reflecting a level of professionalism rarely seen among cybercrime organizations. Lavid describes a repeating pattern of attacks. It initially infiltrates through social engineering, remains dormant within the target organization for months, steals private keys, and carries out a series of rapid, well-coordinated attacks involving dry runs and fast and anomalous transaction rates.

The preparation phase distributes stolen assets across multiple blockchains and eventually flows them through blenders or exchanges for laundering.

A cryptocurrency bull market in 2024 therefore presents an exciting prospect for investors and innovators alike, while also providing an urgent call to arms for the security sector.

“My analysis highlights the need for enhanced security measures in the cryptocurrency and blockchain space and calls for a deeper awareness of the importance of information security, a call for more security experts, and a focus on proactive attack prevention. .”

– Deddy Lavid, CEO of Cybers

By 2024, Lavid predicts the cryptocurrency market overcoming initial vulnerabilities and adopting a more mature approach to security.

Cryptocurrency platforms must allocate more resources to developing security expertise within their companies and developing holistic strategies to preempt attacks and comprehensively address potential fraud across blockchains.

Follow us on Google News

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

The Foresight Ventures report shows a collection shift where more than 32,000 sellers around the world accept encryption.

June 7, 2025

Encryption leverage: 2025 trend and change analysis

June 6, 2025

Bitcoin protection zones, Stablecoin regulations are the main drivers.

June 5, 2025
Add A Comment

Comments are closed.

Recent Posts

HOLONYM’s Human Network: Convert on boarding on boarding on human -friendly keys

June 7, 2025

The SEC gets $ 1.1m case when Crypto Schemer crosses the court.

June 7, 2025

NFT artists reproduce ‘password tax nightmares’ with new songs.

June 7, 2025

NVIDIA’s GB200 NVL72 and Dynamo improve MoE model performance

June 7, 2025

Despite market volatility

June 7, 2025

TEZOS promotes scaling efforts by activating data soluble layers.

June 7, 2025

It shows a graphite network. Tesla is nothing without trust because Tesla’s Tesla spent $ 150 billion after Musk and Trump’s fallout.

June 7, 2025

The merchant warns that Bitcoin is in ‘cancer price behavior’.

June 7, 2025

Is Bitcoin Price Rally $ 150K by the end of the year?

June 7, 2025

How does it affect Bitcoin?

June 7, 2025

Gala Games introduces a step -by -step approach to founder node staking.

June 7, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

HOLONYM’s Human Network: Convert on boarding on boarding on human -friendly keys

June 7, 2025

The SEC gets $ 1.1m case when Crypto Schemer crosses the court.

June 7, 2025

NFT artists reproduce ‘password tax nightmares’ with new songs.

June 7, 2025
Most Popular

Valkyrie CIO: “Bitcoin ETF issuers may decline by the end of the year”

February 10, 2024

Bitcoin annual ROI: 1-10 years

February 17, 2024

Whale spends $24,700,000 on Ethereum altcoin after SEC approves listing of spot ETH ETF: On-Chain Data

May 27, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.