Table of Contents
According to US law enforcement, North Korean hackers stole $100m worth of cryptocurrency from a cryptocurrency company last year.
On Monday, the FBI said that the North Korean hacker groups Lazarus Group and APT38 hacked the cryptocurrency company Harmony last June.
The FBI says that the North Korean cyber criminals used a tool called Railgun to try to hide more than $60m worth of Ethereum, a type of cryptocurrency they stole during the hack.
Harmony, which is located in California, announced in June that some hackers stole $100m in digital coins from a cryptocurrency service called Horizon bridge. Horizon bridge is used to move cryptocurrency between different networks.
The FBI had issued warnings about the computer virus called “TraderTraitor” which was used in the hack. Fortunately, the FBI was able to stop some of the money from being used with the help of other Cryptocurrency companies.
The US and officials at the UN have accused North Korea of cyber-attacks and hacking in order to collect money. The money is then used to develop military equipment like missiles and nuclear weapons.
In December, South Korea said that North Korean hackers have stolen more than 1.5 trillion South Korean won ($1.2bn USD) in the last five years.
North Korea, which usually does not talk with international media, said that they did not do any cyberattacks overseas. The country also said that the US and US allies are telling lies about North Korea.
Vocabulary
- According to – as ‘someone’ said; as stated by ‘someone’; in the opinion of ‘someone’
- Law enforcement – the police or other officials who stop crime or catch criminals
- Hacker – a person who uses computer skills to illegally access information on a computer or smartphone, usually to steal something
- Steal – to take something without permission; to take something that’s not yours; rob
- Cryptocurrency – digital money, e.g., Bitcoin (BTC), Dogecoin, Ethereum (ETC) and more
- Hack – to break into or access someone’s computer/smartphone illegally, usually to steal something
- Cyber – relating to computers and technology
- Criminal – a person who has committed a crime; a person who did something illegal
- Located – to be in a particular place; to be found in a specific spot; to be ‘there’;
- Announce – share information openly; to tell the public; to make a statement; to report
- Service – system or tool that performs an action that is helpful to people; a business that offers a particular type of help or work; utility; system
- Issue – announce; to tell everyone; to formally send out or share
- Computer virus – a program or software that can hurt a computer
- Fortunately – luckily; thankfully; it’s good luck that
- Official – a person who works for the government and has power or authority; officer; executive
- Accuse – to say that someone has done something wrong
- Develop – to make into something more advanced; to improve; to grow something to become better
- nuclear weapon – a bomb or missile that uses nuclear energy; very dangerous bombs
- Ally – a person or organization that is on your side or helps you; friend; associate; partner
Quiz
Discussion Questions
- How did the FBI respond to the hack and what actions did they take to stop the stolen money from being used?
- In your opinion, is it good that law enforcement agencies work with business to stop crime? Why or why not?
- What effect do you think the recent cyberattacks and thefts in the cryptocurrency industry will have on how the general public views cryptocurrency?
