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US, Japan, South Korea Issue Joint Warning On North Korean Crypto Thefts

The joint warning issued by Japan, South Korea, and the US serves as a roadmap for action against North Korean actors.

By Akriti Seth

Last Updated: Jan 15, 2025

Fact checked

By Sam Cooling

In a display of trilateral cooperation, US, Japan and South Korea have issued a joint statement warning the global cryptocurrency industry about the escalating threat posed by cyberattacks linked to North Korean actors. The announcement was made on 14 January 2025. 

“The United States, Japan, and the Republic of Korea advise private sector entities, particularly in blockchain and freelance work industries, to thoroughly review these advisories and announcements to better inform cyber threat mitigation measures and mitigate the risk of inadvertently hiring DPRK IT workers,” the joint statement read.

Explore: Crypto Firms On High Alert As FBI Issues A PSA Warning Of Alarming Rise In ‘Complex’ Scams Carried Out By North Korea

Joint Warning Sheds Light On Advanced Methods Employed By Hackers

The joint warning specifically highlights the activities of the infamous Lazarus Group, a hacking collective allegedly tied to the Democratic People’s Republic of Korea (DPRK). 

Known for its highly strategic cybercrime campaigns, the Lazarus Group has been implicated in several high-profile cryptocurrency heists. 

In 2024 alone, attacks linked to North Korean actors targeted major platforms such as DMM Bitcoin, Upbit, and Rain Management. This resulted in cumulative losses exceeding $370 million.

In 2023, North Korean hackers were responsible for a $235 million breach at WazirX.  They were also responsible for a $50 million theft from Radiant Capital. 

These incidents illustrate how DPRK-affiliated groups are leveraging evolving tactics to exploit vulnerabilities across the crypto ecosystem.

Social engineering and malware remain central to the operations of North Korean hackers.

Tools like TraderTraitor and AppleJeus have been deployed in targeted attacks designed to infiltrate systems and compromise sensitive data. These tools often masquerade as legitimate software applications to deceive victims into downloading them.

Explore:Crypto Developments In Asia: WazirX’s Attack Linked To North Korea

The financial impact of North Korean cyberattacks on the crypto sector is staggering.

According to blockchain security firm Cyvers, crypto-related fraud resulted in $2.3 billion in losses globally in 2024. Of this amount, $1.3 billion was directly attributed to security incidents involving North Korean actors.

There was a 103% increase from the $660 million stolen in 2023. This sharp rise underscores the growing threat these actors pose to businesses and investors alike.

Explore: South Korea Links $42M Upbit Crypto Heist To North Korea

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Disclaimer
Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Key Takeaways

  • Japan has also stepped up its efforts through organizations like the Japan Virtual and Crypto Assets Exchange Association (JVCEA).
  • South Korea has initiated self-inspections for crypto exchanges and organized symposiums to promote public-private partnerships aimed at improving cybersecurity resilience.
  • The US has launched several programs aimed at improving incident response and fostering collaboration between public and private stakeholders.

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Akriti Seth
Akriti Seth
Editor

Akriti Seth is a Zurich-based Business Journalist and Crypto Editor. Her passion for journalism has taken her across the globe – from thriving as an on-television correspondent to writing engaging articles, she has worked for companies like Informa UK, Bloomberg... Read More

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