The crypto breach at WazirX

The breach at WazirX has led to a hefty $23 million bounty to claw back the lost assets and has sparked a major outcry for tighter crypto regulations to shield user assets and beef up security.

Here’s the scoop on the $235 million crypto heist from WazirX, pinned on North Korea’s notorious Lazarus Group. Let’s break it down:

What Happened?        

The Theft: A whopping $235 million in various cryptocurrencies, including Shiba Inu, Ether, Matic, and Pepe, was stolen from WazirX, significantly denting the exchange's digital assets.

Who’s Behind It?        

The Culprits: The Lazarus Group, with its subgroups APT38 and Blue Noroff—both extensions of North Korea's main intelligence service.

Their Tactics: Known for targeting financial hubs with sophisticated methods like malware, spear-phishing, and social engineering.

How They Did It:        

Starting Point: It all begins with spear-phishing, where employees receive dodgy emails that load malware onto their systems.

Deep Dive: Post-breach, these hackers weave through the network, aiming to control systems that manage big-money wallets.

End Game: They transfer the stolen crypto to their wallets, using a mix of methods to launder it, making the money’s trail go cold.

Why Do It?        

North Korea’s Gain: The primary motive? Funding North Korea’s regime, especially its weapons programs, and sidestepping global sanctions.

Track Record: Since at least 2017, Lazarus has hit several big names like Bithumb and Coincheck, often leading to severe financial fallout.?