Cryptocurrency crime is spreading like a wild fire in the market.
The crypto currency crimes are increasing day by day in the market. Every day, a new kind of cryptocurrency crime breaks the internet. The cases from complex hackers hacking into the accounts of the users to fraudsters nonchalantly scamming investors off their investments have been on a surge.
The market already being in a turmoil due to the crypto currency crash is trying to cope up and amidst such a disastrous situation, the crypto criminals are having a ball, to say the least. None of the criminals are resorting to show any kind of empathy or even sympathy to the investors and are consistently robbing them off of their investments.
According to recent developments, A group from North Korea, hacked into an account and stole around $620 million in crypto, making it the largest crypto crime in the world. According to the reports, Scammers used an elaborate fake job scheme to steal over $600 million in crypto from NFT based online game called as Axie Infinity.
Details about the hack!
According to sources, the hackers—whom the US Treasury linked to North Korea’s notorious Lazarus Group—posed as recruiters for jobs on LinkedIn and duped a senior engineer at the game’s developer, Sky Mavis, into attending “multiple rounds of interviews” for a position that didn’t exist.
Then, according to The Block, they sent the engineer a fake offer letter that included “an incredibly substantial remuneration plan” and spyware.
Once downloaded, the hackers had access to the “Ronin” blockchain network used by Axie Infinity, where players could send and receive Ethereum-based virtual currency.
According to reports from the company, the security breach which happened in March, is tipped to be the world’s largest cryptocurrency crime.
The cyberattack shouldn’t stop people from using cryptocurrencies, experts told Insider in April, as most of the theft was caused by human mistake and a lack of protection rather than a weakness in blockchain technology.
The crypto crimes are on a surge and every day, there is some news or the other talking about cryptocurrency crime. The market which is already in a turmoil due to market crash which occurred in May, is hanging barely on a thin thread, and the instances of these crypto crimes are just making it worse for the market to survive. Good regulatory framework, strict authorization is the need of the hour for the crypto market industry to curb the instances of cryptocurrency crimes.