The operation is considered one of the biggest hacks in the world of cryptocurrency, which has raised huge security doubts in an industry that has been fueled by celebrity promotions and promises of quick fortunes.
Last month, the makers of the Axi Infinity game, whose users can earn cryptocurrency by playing, were robbed last month, just weeks after about $320 million was hacked in a similar attack.
“Through our investigations, we were able to confirm that the Lazarus Group and IPT38 linked to (North Korea) were responsible for the theft,” the FBI said in a statement.
The Lazarus Group gained notoriety in 2014 after it was accused of hacking Sony Pictures International in retaliation for its production of the movie “The Interview”, which satirized North Korean leader Kim Jong Un.
North Korea’s hacking program dates back to at least the mid-1990s, but has since grown into an electronic warfare unit that employs about 6,000 people, known as Office 121 and is active from several countries including Belarus, China, India, Malaysia and Russia, according to a US military report issued year 2020.
Blockchain data platform Chainalysis said in January that North Korean hackers stole about $400 million worth of cryptocurrency through cyber attacks on cryptocurrency outlets last year.
In the case of the Axi Infinity game, the attackers exploited vulnerabilities in a dedicated game software developed by Vietnam-based Sky Myvis.
The vulnerabilities program was devised in order to allow Axi Infinity players to quickly buy and sell cryptocurrency by creating an in-game currency linked to the main Ethereum blockchain.
The result was faster, cheaper, but ultimately less safe.
The hackers managed to seize 173,600 Ether and $25.5 million worth of Stable Coin, pegged to the US dollar.
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