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North Korean hacking activities will be halted after regulators implement KYC

North Korean hacking activities will be halted after regulators implement KYC

#North #Korean #hacking #activities #halted #regulators #implement #KYC Welcome to InNewCL, here is the new story we have for you today:

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North Korean hackers have stolen more than 800 billion Korean won ($620 million) worth of cryptocurrencies from decentralized finance or DeFi platforms this year, according to a new press report from South Korea’s National Intelligence Service (NIS). The agency also announced that it blocked an average of 1.18 million attacks per day from national and international hacking organizations in November.

However, an NIS spokesman revealed via local news outlet Kyunghyang Shinmun that all $620 million stolen by North Korean hackers through DeFi exploits was made overseas, adding:

“In Korea, transactions with virtual assets have been switched to transactions with real names, and security has been strengthened so that no harm occurs.”Many funds have been lost to DeFi exploits this year. Source: Token Terminal

In 2021, South Korea introduced new know-your-customer (KYC) cryptocurrency trading rules, requiring customers to open a real-name account with the same bank as their cryptocurrency exchange to deposit or withdraw funds. Both the bank and the exchange must then verify the identity of the customer. In addition, exchanges must obtain a license from the Financial Services Commission before they begin operations.

North Korean hacking syndicates like Lazarus Group have been linked to a number of high-profile DeFi breaches this year, including the $100 million Harmony attack. Experts said such attacks are a means to generate foreign exchange reserves amid stringent trade sanctions imposed by the international community. The NIS also warned that North Korean cyberattacks would increase over the next year:

“It is necessary to analyze attacks as precisely as countermeasures. Because a hacker organization has all the attack information and does not forget it. Gathering information about malicious code scattered by different attackers is necessary to gain meaningful insights.”

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