North Korean hackers, including the notorious Lazarus Group, are now targeting Bitcoin exchange-traded funds (ETFs) in the U.S., potentially eyeing a $52 billion bounty in Bitcoin holdings. The Lazarus Group, infamous for major crypto hacks such as the $625 million Ronin bridge heist, may be shifting focus to these ETFs because of their significant on-chain Bitcoin reserves.
Michael Pearl from Cyvers warns that North Korean hackers are planning to breach and steal from these ETFs. He highlights that ETF vulnerabilities could extend beyond just the providers to include related companies, increasing the risk of large-scale hacks. This shift in hacker strategy could lead to heightened regulatory scrutiny and stricter security measures, as seen after previous large-scale hacks like the $230 million WazirX incident.
The heightened awareness from such incidents is leading to better security practices among institutional bodies, but the need for quick action is critical to prevent future mega hacks. The situation underscores the pressing need for robust security measures and vigilance in the crypto industry to safeguard against these emerging threats.
