North Korea Hacking Bitcoin Exchanges (Bithumb 30,000 Clients)

guys what is my good career today we’re talking about North Korean actors they’re so in love with make point that they decided to go full out and try and get into exchange alongside some bank accounts and last time I made this video which was December 12 we decided to make an update and also I didn’t post a do to win however Bitcoin went from $18,000 to $20,000 it’s fluctuating right now North Korea hacked a bit thumb exchange and bit hum got hit with a fine from South Korea so let’s stay tuned for this one I need to come up with something better than let’s stay tuned for this all right I got a little list here of terms because it’s kind of hard to remember all this but pretty much there is a group called Lazarus from North Korea so if you ever watched some vice documentaries about North Korea going into Poland or Russia or other countries even in South America what North Korea does to get extra money is they pretty much send their slave labor out to countries that are relatively cheap and they’re able to earn a bit of money for you know tough labor in the docks in mining and like these hardcore rough industries okay and another part of what they do is online attacks you guys might know North Korea was famous for the Sony attack there was a Bangladesh central bank attack which resulted in 81 million dollars being lost by the Swift system and even read that there was the whole wanna cry ransom which was going all across the internet and yeah that group is pretty much called Lazarus so what they’ve recently been doing over the past two years spear phishing attacks and PC hijack and Trojans so what they do is they target executives of banks of exchanges of government bodies anybody who’s important they go for their computers they try and get the login password details and this can be a variety of opportunities let’s say a fake email they go through Skype they get some little piece of information which leads to a second point and a third point and eventually they’re able to see all the details they log in they change everything and they move the money across to another account they launder it or they may not even longer it and they send it straight to North Korea and what are you gonna do at that point when the entire country is running against the world it’s like whatever that money’s lost right so recently there’s been a couple of articles coming out that Bitcoin is the latest interest for mr. Kim jong-eun and that makes a lot of sense considering they’ve successfully secured millions and millions of dollars from just normal transactions with debit and credit card banks right so what do you do is they send these attacks for let’s say a CEO of a local Chase branch or Bank of America branch they get the login details they go in they take some money out let’s say a million dollars or two million dollars they send it off across the waters boom it’s gone right so the same methods they apply to getting money from a bank they will go for Bitcoin exchanges now Bitcoin is extremely secure however the exchanges that Bitcoin and other cryptocurrencies are held on not so much because of human error so let’s say you’re an executive same thing happens to you from bit wrecks from politics from cracking forbid thumb from whatever it is you lose access they find your wallets they shuffle Bitcoin you shuffle theorem the shuffle light coin boom it’s gone there are no chargebacks there’s no way to retrieve it you can trace it at least most cryptocurrencies unless they go back into Manero and ok so what if you trace it you see an address you don’t really know who’s behind that address I mean can figure out oh it’s probably this Lazarus group but that’s that I mean five million ten million one hundred million dollars is lost and especially if Bitcoin prices keep rising it is a pretty worthwhile investment for North Korea to be training more and more hackers to try and get this plus the banks and whatever they’re doing that maybe they’re trading on a crypto currencies and they opened up and they open their own exchange up now they’ve been targeting this since late 2016 and these successfully secured ain’t been thumbs executive login details which means they were able to shuffle seven point seven million dollars worth of Bitcoin and the fear him off to another account now since then with the rising price of crypto currencies that is over eighty million dollars worth so that puts that on the same scale as the Bangladesh central bank swift attack and I keep saying Swift but Swift isn’t like the actual text with is just the banking codes and all that and on top of that they decided to go on two-bit thumb and ask for a bribe I mean well and on top of that they started riding mid thumb they said for five point five million dollars they won’t release the data that was stolen which they have thirty thousand people’s data thirty thousand I mean who knows these guys might be CEOs I’m sure there has to be some high-profile accounts over there hopefully they have a weird system where you know it’s like the lower tier accounts are less secure than the higher our accounts or they might just have everything right they’re out in the open space and if so well North Korea might be targeting some interesting individuals if you see somebody has ten million dollars or 100 million dollars in their bank account and you have a list of a hundred of these guys but they’re gonna try and go to is you know let’s say they need a person in real life or they’re just are following them and you know they they do like these weird spy missions eventually one of these guys will slip up they will get ransomware on their computer they use it they get the login details North Korea steals in North Korea steals the bitcoins that’s it you’re unable to trace it so–but thumb is a South Korean Bitcoin exchange its accounting for 20% of the Bitcoin volume over the past couple of weeks and now with the rising prices and rising market caps where it’s close to 600 billion dollars this is accounting for quite a bit of money now we’re not sure what bit thumbs reaction is going to be however they did pay fifty five thousand dollars in fees to the South Korean government a couple days ago for losing protection it’s data and for privacy you know resolutions and all that stuff so people don’t really trust bit them but people don’t really trust any other exchange where there’s been DDoS attacks and other hacking attacks as well now there’s other supporters of movements against that coin will be like a-ha it’s bitcoins fault but no I mean this will live this will literally happen with whatever it is out there with the bank’s with PayPal with traditional methods it is more secure to use crypto currencies however we’re still at the infancy page we’re still at the infancy phase where everything is taking its time and it’s improving however with human error it still kind of sucks but in the future when everything’s robotic we’ll read a little bit more anyways my name is Mike Ribeiro that was kind of lame and we shall see you guys later thanks so much for watching is there anything else I wanted to add I don’t know if I wanted to add anything else absque ribe like comment and we shall see you guys tomorrow okay so see that they’re having a party looks pretty cool I can’t zoom in any further so that’s that’s about as good as it gets [Music] [Music]

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