Hyperliquid is currently witnessing a rise in trading activity from addresses linked to North Korea. According to reports on December 23rd, a number of well-known North Korean hacker addresses have been trading on Hyperliquid, resulting in a loss of over $700,000.
Some members of the community are worried that these trading activities could indicate that North Korean hackers have found Hyperliquid to be a possible target and are using transactions to test the system’s reliability.
North Korean Hackers Increase Activity in 2024
The issue of increased traction on Hyperliquid is worrying because 2024 has already witnessed a rise in scams, hacks, and crypto money theft by North Korean hackers.
In 2024, hackers with ties to North Korea took $1.34 billion from 47 incidents, a 102.88% increase in value from the $660.50 million they stole from 20 events in 2023. These figures represent 61% of the total amount stolen during the year and 20% of all cases.
As worries about cryptocurrency robbery attempts by hackers with ties to North Korea mount, South Korea and the United States are also working together in the backdrop to improve defenses.
As per previous local media reports, authorities and cybersecurity industry officials say the South Korean government and the U.S. Department of Homeland Security will work together to develop technologies to stop attacks targeting cryptocurrencies and to track stolen assets, based on a technical annex that was recently signed.
Also Read: Radiant Releases Detailed Report on $50M October Hack, North Korean Hacker Suspected
North Korea Uses Sophisticated Methods To Steal Money
A major concern that the market has right now is that North Korean hackers have been using very sophisticated methods to scam money out of crypto.
The latest additions to the long list of techniques used by DPRK hackers to acquire cryptocurrency include phishing and malware scams. These include scams via emails, messages, or incidents like hacks, rug pulls, etc.
North Korea’s Crypto Heist Also Pose Geo-Political Repercussions
The Democratic People’s Republic of Korea (DPRK), the official name of North Korea, has been subject to UN sanctions since 2006. Over time, the sanctions have been more severe in an effort to reduce funds for its ballistic missile and nuclear programs.
The theft of Bitcoin and virtual assets has allowed the money to be used by North Korea for various purposes because the country has been subject to ongoing sanctions.
The two main goals of North Korea’s cyber operations are to gather strategic intelligence and generate money to support Kim Jong Un’s Byungjin policy efforts. It is thought that a sizable amount of the pilfered money was utilized for the DPRK’s ballistic missile and nuclear initiatives.
North Korea has a complex network of activities as a result of its purposeful development of its cyber capabilities as a political tool, especially in the areas of finance, intelligence, and military.
Read Also: US Moves to Seize $2.67 Million in Crypto Stolen by North Korean Lazarus Group