The WazirX cyberattack of July 2024 that led to the loss of more than $230 million can be attributed to North Korea, according to a joint statement, released on January 14, by the U.S., Japan, and South Korea.
The three countries highlighted the risk of North Korean cybercriminals, who exploit users and enterprises for money. These hackers would also evade sanctions while developing weapons of mass destruction and ballistic missile programmes.
“In 2024 alone, our governments have individually and jointly attributed multiple thefts, denominated in virtual asset value in U.S. dollars, to the DPRK [North Korea],” the countries said in a statement, including the loses incurred to platforms like DMM Bitcoin, Upbit, and Rain Management for $308 million, $50 million, and $16.13 million respectively.
“The United States and [South Korea] additionally attribute to the [North Korea], based on detailed industry analysis, thefts last year against WazirX for $235 million and Radiant Capital for $50 million,” said the statement.
The cyber-attack last year against a digital multi-signature wallet managed with Liminal led to the loss of more than $230 million for WazirX. This was followed by the exchange locking up users’ crypto while it pushed for restructuring through the Singapore legal system.
As customers are yet to get access to their assets, it must be noted that recoveries from North Korean cyber actors are rare.
Published - January 15, 2025 12:37 pm IST
