After the shocking revelation of a confidential UN report about North Korea using “widespread and increasingly sophisticated” cyberattacks to steal from banks and cryptocurrency exchanges, the Chinese Government has also been allegedly found guilty of backing such activities.
Reportedly, the Chinese Government might be backing hackers that are involved in spying on global tech, communications and healthcare providers from over the world.
Furthermore, this group of hackers is also associated with “using ransomware against game companies and attacking cryptocurrency providers for profit”.
Hackers Using Tools Reserved for Espionage Campaigns for Personal Gain
The reports against the hackers were compiled by the U.S. based Cyber Security Research firm, FireEye. The findings were made public at the Black Hat security conference in Las Vegas. They identified a group, which FireEye has termed as APT41 – Advanced Persistent Threat 41, operated under the purview of the Chinese Governments.
Sandra Joyce, Senior Vice President at FireEye noted,
“APT41 is unique among the China-Nexus actors we track in that it uses tools typically reserved for espionage campaigns in what appears to be activity for personal gain,”
As for North Korea, according to a UN Mission report, North Korea “used cyberspace to launch increasingly sophisticated attacks to steal funds from financial institutions and cryptocurrency exchanges to generate income.”
The U.N. has repeatedly imposed sanctions since 2006 on North Korea to prohibit Pyongyang’s nuclear and ballistic missile programs. This can be achieved by blocking funding access to the nation imposed by the sanctions. The concerned reports have been submitted to the UN Security Council for review and action.
These cyber-attacks on banks and cryptocurrency exchanges to finance unethical activities raises a lot of hard-hitting questions to the world at large. The fact that the Governments are involved in it, makes matters even worse.
Will decentralized storage on Blockchain reduce these attacks or will centralized exchanges will continue getting exploited? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com