Crypto sleuths pin $100 million Harmony theft on Lazarus Group

Investigators at a blockchain analysis outfit have linked the theft of $100 million in crypto assets last week to the notorious North Korean-based cybercrime group Lazarus. The company said it had tracked the movement of some of the stolen cryptocurrency to a so-called mixer used to launder such ill-gotten funds. Blockchain …

[druck]

The entire point

Given the large number of scams and thefts involving cryptocurrency and other DeFi projects, many of those groups are working on ways to reverse or limit the damage from theft and scams. However, it's not easy, he said.

It's not easy, as that is the entire point of the whole damn thing.

[Version 1.0]

Re: The entire point

You are a whole lot safer if you can put your currency in your jacket pocket.

But cryptocurrency is ideal for both scams and theft even if it's stored on your phone ... it seems to be easier to steal it than protect it so we need to stop pretending it's worth anything. Like so many things these day, cryptocurrency was designed to be easy to make, and easy to use, that was every design effort.

[Alan Brown]

Re: The entire point

"it seems to be easier to steal it than protect it"

So are high quality gemstones or other "small high value negotiable items"

The Dilinger misquote applies here: People rob banks because that's where the money is. The added incentive is that nobody's shooting back (at the moment) and you don't need a stocking over your head

[Clausewitz4.0]

Regulations vs. Proper Security

Instead of focusing on the regulation of what cannot be regulated (crypto currency), the focus should be to secure systems - including against state agencies, from USA or North Korea.

[sanmigueelbeer]

It can only get worse

Crypto crash threatens North Korea's stolen funds

Kim's insatiable appetite needs to be satisfied.

[Anonymous Coward]

Gone

It’s as if they never really existed at all

[TeeCee]

Traced?

...Elliptic researchers were able to trace the stolen funds...

No wonder the whole shebang has just gone south. Presumably the world's crooks have seen this, worked out that if Elliptic can do it, so can the FBI et. al. and decided to get the fuck out sharpish.

[Paul Smith]

Does this actually count as theft?

Stop laughing and think for a minute. The 'rightful' owner of the crypto currency token is which ever wallet it is registered with in the blockchain - if the blockchain is updated so coins that were in your wallet are now in my wallet, then the coins that were yours are now, legitimately, mine. You might argue that the blockchain update was not correctly authorized, but you can't say I 'stole' your coins.