The FBI has recently charged a North Korean hacker in connection with the Harmony crypto hack from which the hacker allegedly stole over $100 million. The hacker, Jon Chang Hyok, is a member of the North Korean military intelligence agency, the Reconnaissance General Bureau (RGB).
The Harmony crypto hack was discovered in June 2020, when the cryptocurrency exchange said that it had suffered a security breach. At the time, the exchange reported that hackers had stolen over $100 million in cryptocurrency. After further investigation, the FBI determined that Jon Chang Hyok was responsible for the theft.
The RGB is a powerful arm of the North Korean government and is involved in various activities, including cybercrime. In this case, it appears that the RGB was behind the theft, as well as the technique used to penetrate the exchange’s network and steal the cryptocurrency.
The FBI is moving to have the North Korean hacker charged with numerous counts of computer fraud, wire fraud, and identity theft. If convicted, he could face up to 25 years in prison for each count of computer fraud.
The Harmony crypto hack is yet another example of North Korea’s increasing capabilities in cyber warfare and cybercrime. North Korea is thought to be one of the most active cyber threat actors in the world and the FBI’s decision to pursue charges against the North Korean hacker indicates their ongoing commitment to holding cyber criminals accountable.
This case also highlights the need for better cyber security protocols in the cryptocurrency world. Exchanges and investors need to be aware of the cyber threats posed by North Korea and other state actors and should implement better security measures to protect their funds from theft.
This Cyber News was published on www.bleepingcomputer.com. Publication date: Tue, 24 Jan 2023 14:50:03 +0000