FBI Identifies Lazarus Group Cyber Actors as Responsible for Theft of $41 Million from Stake.com

For the recent theft of $41 Million from the crypto-currency exchange platform Stake.com, Federal Bureau of Investigation (FBI) has identified Lazarus Group as the culprit.

This attack has made the importance of tightened cyber security even more prominent in today’s digital age where data or money can easily be sabotaged and stolen by cyber criminals.

Lazarus Group

Lazarus Group has been a cause of trouble for various cyber security platforms all around the world. They carry out malicious cybercrimes with the support and guidance provided by the North Korean government. Their activities are not limited to financial theft but also data theft. This group was responsible for the infamous Sony Pictures hack back in 2014 and the WannaCry ransom attack in 2017. The cybercrimes done by this group helps in the funding of North Korean nuclear activities and other expenditures.

Stake.com Cyber-Attack

The heist of $41 Million by Lazarus Group on Stake.com was a well-planned activity. They first targeted the employees of this company, gaining access to their information. This target was a spear-phishing campaign that further allowed them to get access into the internal systems of the company. Once this access was granted, Lazarus group transferred $41 Million worth of crypto-currency from the company into their own accounts.

This attack is a major cause of concern for the cyber security agencies. This is because of the coordination this group has displayed for this heist. It shows that they have evolved their skills and capabilities which makes them a renowned name in the world of cybercrimes.

FBI Intervention

Once this cyber-attack was identified, Stake.com seek help from cyber security agencies. FBI in collaboration with the cyber security firms conducted investigation that revealed Lazarus group as the culprit. This attack highlighted the importance of international cooperation to control cybercrimes especially the ones carried out by state-sponsored perpetrators.

Effects on Stake.com

After the theft of $41 Million from Stake.com, several questions came into the users’ mind regarding the security involved in the crypto-currency exchange. Soon after this attack, Stake.com took immediate measures to strengthen their security, ensuring the users that the funds were safe.

However, this heist was still a source of worry regarding the crypto-currency exchange. It prompted the users involved in the crypto-currency business to implement measures like two-factor authentication and hardware wallets to secure their assets from hackers. Furthermore, users should also take precautions in opening anonymous or suspicious mails and links.

For more news and updates on Cybersecurity, visit The Cybersecurity Club.

Post navigation

Leave a Reply

Your email address will not be published. Required fields are marked *

Deadglyph Backdoor: A Sophisticated Espionage Weapon

Palestine on the Edge of having ‘No Internet’ Sparking Human Rights Concerns

Russian and North Korea Artillery Deal Paves the Way for Dangerous Cyberwar Alliance

Two Russian Nationals Charged For Conspiring To Hack The Taxi Dispatch System At JFK Airport