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Group-IB: Almost $1 Billion Cryptocurrency Funds Lost to Hacks since 2017

A new report published by famous cybersecurity organization Group-IB has revealed that more than $880 million has been stolen in cryptocurrency-related hacks between 2017 and 2018.
On the published report, the notorious North Korean group of hackers which call themselves “Lazarus” features prominently among other unknown groups. While the blockchain network and the unconventional measures that cryptocurrencies have come to adopt are hailed as secure, they have nevertheless been subjected to a number of high profile attacks, with the infamous Lazarus group responsible for the theft of more than half a billion dollars between 2017 and 2018 alone.

Group-IB and Its History

Cybersecurity organization, Group-IB is one of the most successful and famous cybersecurity companies in the world, with a track record of preventing many important and high profile hacks. The company which was established precisely fifteen years ago has been a recipient of many notable awards and is quite popular for overseeing the security of the last Olympics in regard to digital measures, brand and ticket sales. The company is also known to have worked with a host of American media houses and major pictures such as Sony, Fox TV and Paramount.
Per the company’s published the report, the company believes that most hacking groups are beginning to focus their attention on cryptocurrency exchanges instead of banks. While the process of hacking into blockchain secured networks might be near impossible, the report reveals that most hacking groups would rather focus their attention on centralized cryptocurrency exchanges.
With a list which features 14 different successful attacks between February 2017 and September of this year, Japan’s Coincheck loot of $534 million in January stands out. This is followed by Italian exchange, Bitgrail’s loss of $170 million. Crypto exchanges from South Korea also feature heavily on the list with Bithumb and Yapizon among the exchanges successfully attacked. According to the report, Lazarus group is responsible for five separate hacks, carting away more than $600 million since 2017.
Aside from the cryptocurrency sector, the infamous group has also been involved in other attacks such as the $80 million Bangladesh Robbery that occurred two years ago and the popular Sony Pictures Hack.
Majority of cryptocurrency exchanges are beginning to pay more attention to security though: Coinbase recently touched on its planned expansion into Japan claiming it has one of the best unconventional security measures amongst other exchanges.

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