North Korean hackers have lost more than $700,000 trading on the exchange Hyperliquid. According to sources, the flagged addresses linked to the hackers have been carrying out trading activities on the exchange, with most leading to losses. The losses have raised red flags, with most experts thinking that the hackers are positioning themselves to breach the platform.
According to a Chinese correspondent Colin Wu, a user on microblogging platform X, alerted the Hyperliquid team to the development, highlighting a potential attack. The user added that the Democratic People’s Republic of Korea (DPRK) does not trade, it tests. Hyperliquid’s HYPE token has been making waves in the industry, recently smashing the $11 billion trading volume mark thanks to its recent airdrop. Experts hope the token will reach above $35.02, but the recent development has worried everyone.
Experts offer help to Hyperliquid as DPRK hacks dominate in 2024
About two weeks ago, crypto KOL Tayvano offered to help Hyperliquid counter any potential threats from the acts. In a letter, he highlighted the likely dangers that the North Korean hackers’ familiarity with the platform poses. “I would like to walk you through some of the measures that your team can and should take to mitigate the risk of a sophisticated attack,” Tayvano said.
DPRK's trading career is…uh….going…..tbh if i was the dude managing Hyperliquid's 4 validators (or those fucking ghetto ass binaries on gh) I would be shitting my pants right now.Hyperliquid dudes dont seem worried at all though so im sure its fine. pic.twitter.com/JrrU7t1sJe
— Tay (@tayvano_) December 22, 2024
The letter described the qualities of hackers from DPRK, noting that they were unrelenting, persistent, and sophisticated. The group also has access to zero-day vulnerabilities, one that Chrome fixed some time ago. Tayvano said Hyperliquid should open a line of communication with experts, hoping that it would help both parties share measures and updates to help counter any potential threats aimed at the platform.
Meanwhile, a recent Chainalysis report highlighted that hackers from North Korea were responsible for about half of the entire theft in the crypto industry this year. According to the report, the hackers stole about $1.34 billion, intensifying their efforts than the previous years and attacking a wide range of platforms. Hacks netted DPRK $50 to $100 million in profits, more than the figure they saw in 2023. Chainalysis said it was due to the hackers growing expertise in carrying out massive attacks.
Countries set to join hands to mete out sanctions
North Korean hackers’ intensified attacks have caused countries to form a coalition to tackle the growing menace. A recent team-up between the United States and the United Arab Emirates led to the disruption of a money laundering syndicate for the DPRK. A statement from the Treasury’s Office of Foreign Assets Control (OFAC) noted that two Chinese nationals and a UAE-based company were sanctioned for laundering money for North Korea.
The sanctions by OFAC led to the arrest of the individuals, freezing the firm in the process. This means that both the firm and the individuals have been barred from using global financial systems. The agency has also issued warnings to entities planning to work with them, noting that they risk sanctions and other penalties. The sanctions are also part of a wider crackdown on North Korea’s missile program funding since most of the resources are from proceeds from hacks and money laundering.
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