FBI Identifies North Korean Lazarus Group as Culprit Behind $41 Million Stake Casino Hack
The FBI has identified a North Korean hacking group known as the Lazarus Group as being behind the recent $41 million theft from the Taiwan-based international gambling and entertainment company, Stake. The FBI revealed in a statement that the hack was carried out on October 13th and involved the group exploiting a software vulnerability in the company’s website, allowing for the “unauthorized transfer” of digital currencies from user accounts.
The hackers skirted the company’s security measures by using multiple cryptocurrency accounts in order to transfer funds without being detected. According to the FBI, the group used a process known as “chain hopping” which enables money to be sent from one digital account to another until it finally reaches an account controlled by the hackers.
Although the hackers were initially able to move an estimated $41 million from the company’s records, a portion of the funds were recovered by law enforcement efforts.
The FBI has warned other companies to keep their digital security measures up to date in order to protect against similar hacks and the Lazarus Group. The group has been linked to a number of high-profile cryptocurrency thefts over the years, including $500 million from Coincheck, around $570 million from Mt. Gox, and $64 million from Youbit. The FBI has urged organizations to take extra precautions such as deploying two-factor authentication and other security measures in order to prevent the theft and manipulation of digital assets.