The North Korean Tactics: Euler Finance Under Attack
It seems like North Korea`s notorious hacker group – Lazarus Group is up to the same old tricks again.
Recently, Euler Finance, a decentralized finance protocol, got compromised by hackers and lost nearly two million dollars worth of cryptocurrency. Though it is not explicitly revealed who launched this attack, rumors are rife that Lazarus Group is behind it.
The Who, What, Why and How
The Lazarus Group is said to be a cyber security division of North Korea and is infamous for attacking financial institutions and state systems in over 18 countries. Now, why is the Lazarus Group targeting Euler Finance? The motive behind this might be long-term hegemony over cryptocurrencies that are securing the economic survival of North Korea.
When it comes to the ‘How’ part of the attack, the recent incident involved wrapping an Euler Wallet in Solidity code, which when deployed, gives hackers access to the assets of Euler Finance.
Cyber Security: Knowing This Is Half The Battle
- User Awareness: To prevent such unwanted threats, users must become more aware of the online security protocols and the tools that are available to protect their finances.
- Two-factor Authentication: It is advised to use a two-factor authentication at all times while conducting online transactions, especially when it comes to cryptocurrencies.
- Latest Software Updates: One should always be aware of the latest updates in the software when it comes to cyber security and make sure to use them.
Considering the rising number of cyber-attacks, the Government should also move a step forward in understanding the need for effective cyber security and ensure that users feel safe to transact cryptocurrencies.
Will We Ever See The End Of These Tactics?
To conclude, we can only be aware that North Korean hackers are ready to exploit any online vulnerability and innocent victims of these cyber-attacks may have to face a lot of financial losses. One would only hope that they can make an agreement with the North Korean government and bring the hackers to justice.
Until that day comes, let`s just hope that the cyber security measures we have in place are good enough to counter any malicious attacks from hackers.
