Michaela
North Korean hackers have faced setbacks after losing nearly half a million dollars trading on a decentralized exchange in just 48 hours amid crypto market volatility.
Blockchain analytics platform LookOnChain recently shared on X that a North Korean group, identified through on-chain data as linked to Lazarus, deposited $476,489 worth of Ethereum (ETH) at a price of $3,791.8. The group was reportedly betting on a price increase but was liquidated when the price fell to $3,251.8, resulting in a loss of $458K.
North Korea has long been notorious for its cyber-attacks on cryptocurrency exchanges and decentralized finance (DeFi) platforms, using stolen funds to circumvent international sanctions.
This latest incident reveals that North Korean hackers may be increasingly turning to riskier trading strategies in an attempt to boost their profits. Despite their extensive track record of illicit activities, this incident reveals the potential pitfalls in their approach to generating profits.
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Although there is no definitive evidence of an exploit, the unusually high volume of outflows from suspicious wallet addresses in just one day raises concerns about the platform’s security.
Given the notorious reputation of the Lazarus Group, the crypto industry understands the gravity of any incident tied to them. Security experts advise Hyperliquid to treat these threats with utmost seriousness.
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Hyperliquid’s involvement has sparked concerns about how decentralized finance (DeFi) platforms manage large and potentially suspicious transactions. As these platforms continue to expand, it is essential to address the risk of them being exploited for illicit activities such as money laundering or circumventing international sanctions.
Despite recent declines, ETH is showing signs of recovery. Historically, ETH has performed strongly in the months following U.S. election years, as seen with significant gains in 2017 and 2021. If this pattern holds, Ethereum could experience bullish momentum heading into early 2025.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
