Technology

North Korea Becoming Cryptocurrency-Hacking Central As Cyber Crimes Increase

Hacking, which involves gaining unauthorized access to data in a computer system or individual unit, is used to exploit weaknesses in computer systems or networks, either to harm organizations or governments or to steal online assets. In 2021, a hack impacted the Colonial Pipeline system in Houston, Texas. The system carries gasoline and jet fuel primarily to the Southeastern US. The ransomware cyberattacks caused a shutdown of the computerized equipment that manages the pipeline. Colonial had to pay the hackers, affiliated with a Russia-linked cybercrime group, DarkSide, a $4.4 million ransom. Another cyber attack that year affected JBS SA, a Brazil-based meat processing company, disabling its beef and pork slaughterhouses. The attack impacted the US, Canadian, and Australian facilities, causing JBS to pay an $11 million ransom. Though neither crime, above, had any impact on the cryptocurrency asset class, security and custody remain significant issues for cryptocurrencies, which because they’re both created and exist online make them susceptible to cyberattacks by hackers looking to steal valuable tokens.

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