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FBI Attributes $41 Million Stake Crypto Hack to North Korean Lazarus Group

FBI Attributes $41 Million Stake Crypto Hack to North Korean Lazarus Group

It appears that Lazarus Group is not planning to stop draining the crypto ecosystem, with yet another hack attributed to the organization.

The Federal Bureau of Investigation (FBI) has named Lazarus Group the culprit behind an online gambling venue Stake exploit.

The gambling and betting platform Stake fell victim to a cyberattack on September 4th, losing over $41 million in digital currencies. Despite the significant loss, Stake's management stated that the attack was limited in scope and assured stakeholders that customer funds remained secure.

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The FBI recently concluded that the Lazarus Group, a cybercrime ring with suspected ties to the North Korean government, orchestrated the hack on Stake.

On September 7th, the agency issued an official advisory that not only named the group but provided cryptocurrency addresses across multiple blockchain networks where the stolen assets are currently stored. The FBI is urging all entities in the cryptocurrency ecosystem to steer clear of transactions involving these addresses.

Regarding the matter, the federal agency stated:

Private sector entities are encouraged to review the previously released Cyber Security Advisory on TraderTraitor and examine the blockchain data associated with the above-referenced virtual currency addresses and be vigilant in guarding against transactions directly with, or derived from, those addresses.

The Lazarus Group's hacking activities are not limited to Stake. The FBI also blamed the group for compromising three other financial platforms in 2023, contributing to the group's hefty theft tally for the year. The notorious hacking collective is linked to stealing over $200 million of crypto in 2023 alone.

In late July, Alphapo suffered a substantial $65 million hit from unauthorized withdrawals. CoinsPaid lost around $37 million around the same time, and Atomic Wallet users were relieved of an eye-watering $100 million in June.

With the FBI attributing the latest high-profile cyberheist to North Korea's Lazarus Group, attention is turning towards the need for enhanced security measures across the cryptocurrency industry. The federal agency's advisory serves as a stark reminder for businesses and individual users to bolster their security infrastructures in the face of such formidable cyber threats.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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