US, Japan, South Korea Point to North Korea in $235M WazirX Hack

On January 14, the United States, Japan, and South Korea accused North Korea’s Lazarus Group of a major cyberattack on WazirX, India’s largest crypto exchange. The July 2024 breach led to a loss of $235 million, shaking the crypto world. This incident is part of a larger series of global cyberattacks targeting cryptocurrency platforms.

The WazirX Hack and Growing Cybersecurity Threats

The WazirX hack compromised one of the exchange's multi signature wallets. This breach caused the loss of over 45% of its crypto holdings. In response, the platform halted all operations, leaving users uncertain. 

WazirX’s co-founder, Nischal Shetty, confirmed that affected users would be compensated by February 2025. However, the attack reveals a deeper vulnerability within the cryptocurrency industry.

North Korea-linked cyberattacks have stolen over $3 billion from crypto platforms since 2017. The UN Security Council’s 2023 report highlighted 17 attacks that year alone, totaling over $750 million in losses. 

Strengthening Global Cooperation Against Cybercrime

The WazirX breach, valued at $235 million, ranks among the largest in 2024, second only to a $308 million theft from Japan’s DMM Bitcoin exchange.

To combat North Korea’s cyber aggression, the US, Japan, and South Korea are working together. Their response includes sanctions against North Korean cyber operatives and efforts to recover stolen assets. 

Additionally, these countries are boosting cybersecurity measures across the Indo-Pacific. As Lazarus Group continues to target the crypto industry, the need for stronger defenses becomes critical.