Crypto is not a new term. We have been hearing this term in as many words as possible since 2009. Bitcoin made its massive entry into the market in 2009, soon after the recession. The yuan pay group will highlight the current status of the biggest crypto world in North Korea.
During the past decade, the concept of cryptocurrency has seen considerable growth. Investments grew from across the world. People are trying to understand the pros and cons of this investment model. The primary advantage of cryptos is its decentralized finance model. This means that cryptos are not tied down to any currency value. An investor can easily transfer cryptos from one country to another with a click of a few buttons.
Blockchain and decentralized finance are the primary building blocks of cryptocurrencies. Currently, there are more than 4k+ cryptos in the global market. All these cryptos use the blockchain philosophy thereby making them secure.
Does crypto offer security as it claims?
This is a question of debate. Cryptos indeed work on the blockchain philosophy. Every transaction on crypto breaks down into a single chain of blocks. These blocks are then stored in user computers from across the globe. It is then made available on the public ledger accessible by all. But, the catch here is the unique number on each block. Every single block takes a unique combination of alphanumeric values. These codes are not related or do not carry any reference to their users. Hence, it becomes impossible to identify a chain based on user credentials.
Is it possible to hack cryptocurrencies?
As mentioned, cryptos make use of blockchain philosophy. No one can gain access to these chains. Additionally, developers also take extra caution to review the security mechanism. But then, what are these new about crypto heists or crypto hacks? Every crypto user possesses a unique digital wallet and private key to their name. This private key becomes handy to authenticate any user transactions. Now, if an investor has carelessly placed his private key details in a ledger. Then hackers can gain access to the system.
Digital hackers are always on the lookout for ways to breach security systems.
Over the past few years, there have been reports of many crypto hacking. Users lost a huge volume of their existing cryptos through these heists.
Understanding the second biggest crypto hacking
As per reports, there have been more than 9 crypto hacking since 2009. Of which the hacking in 2022 is the second biggest hacking. Hackers gained access to the blockchain platform hosted by the Ronin network. The Ethereum-based platform was soon to identify this hacking. But, the damage was already done. Security hackers were able to gain access to more than $600 million in AXIE tokens. According to an official statement, hackers have swiped out more than 170K ether tokens and 25 million USD tokens. The worth of USD tokens values more than $600 million.
How did it happen?
Hackers gained access to two private keys of users. Post this, there were two separate withdrawals during the week.
The FBI was soon to reach out on the alleged breach. The officials confirmed that the security hacking links to the North Korean team. The investigation team confirmed that two teams linked to North Korea has undertaken the hacking. The Lazarus group is the primary suspect in the case. The group has its linking to the intelligence agencies in NK. The group gained the limelight in 2014. It has allegedly hacked into the system of Sony Pictures. The telecasting company was all set to release a new movie on the North Korean leader. The group wanted to stop the release. In 2014, the agency gained access to Sony’s data server. Many confidential details including personal details were disclosed and made public. Following the heist in 2014, the crypto hacking is the second biggest to their credit.
As per a military report published in 2020, the activities of the Lazarus group date back to the mid-90s. The group has exponentially more than 6000+ hackers to their credit. Today it operates from many units including China, India, Russia, and even Malaysia.
The agencies are working on steps to recover the lost money. But, there is no understanding about recovering the lost Ethereum and USDC tokens.