North Korean hackers have set their sights on Hyperliquid, a decentralized exchange, raising concerns within the crypto community.
Hyperliquid: A New Target for Hackers
According to cybersecurity expert Tayvano, these hackers have been actively trading on the platform, incurring losses of over $700,000. Speculations suggest the activity might be a test to gauge Hyperliquid’s resilience and security.
An Overview of North Korean Hackers' Activities in 2024
North Korean state-sponsored hackers have made 2024 their most lucrative year yet. A report by Chainalysis reveals they stole $1.34 billion in cryptocurrency across 47 cyberattacks. This accounts for 61% of the year’s total crypto losses, marking a 21% increase from 2023. Major heists include $305 million stolen from DMM Bitcoin in May and $235 million from WazirX in July.
Implications and Warnings for the Crypto Industry
The majority of losses stem from private key compromises (44%), emphasizing the need for stricter security practices. While DeFi platforms remain prime targets, centralized services have also suffered. North Korea relies on these cybercrimes to fund its weapons programs. Analysts warn that the frequency and scale of attacks are rising, with hackers now targeting smaller sums as well.
As the crypto market enters a bull run, Hyperliquid and other platforms must prioritize security. Experts believe North Korean hackers will continue their aggressive tactics into 2025.
