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North Korea Blamed for WazirX Hack Leading to Rs 1,960 crore Loss

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The WazirX cyberattack in July 2024, resulting in losses exceeding Rs 1,960 crore, has been linked to North Korea, according to a joint statement issued on January 14 by the U.S., Japan, and South Korea. The statement highlights the growing threat of North Korean cybercriminals exploiting enterprises and users to fund their ballistic missile programs and evade international sanctions.

The governments revealed that in 2024 alone, North Korea has been implicated in several major cryptocurrency heists, including losses of Rs 2,568 crore from DMM Bitcoin, Rs 417 crore from Upbit, and Rs 134.49 crore from Rain Management. WazirX and Radiant Capital were also targeted, with Rs 1,960 crore and Rs 417 crore stolen, respectively.

The WazirX breach involved a digital multi-signature wallet managed with Liminal. Hackers exploited vulnerabilities, resulting in significant losses for the exchange. Following the attack, WazirX restricted user access to crypto assets, citing the need for restructuring through Singapore’s legal system. This left many customers unable to access their holdings, further compounding the impact of the breach.

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The joint statement underscores the rarity of recovering assets stolen by North Korean actors, emphasizing the sophisticated tactics employed by these groups. The funds are often laundered through decentralized finance (DeFi) platforms or converted into fiat currency, making tracking and recovery extremely challenging.

The U.S., Japan, and South Korea called for enhanced collaboration among governments and private entities to address these cyber threats. They urged businesses to strengthen their cybersecurity defenses and comply with best practices to mitigate risks.

The incident highlights the urgent need for improved global efforts to counter cybercrimes, particularly those perpetrated by state-sponsored actors, which pose significant risks to financial systems and international security.

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