Indian cryptocurrency exchange WazirX was hacked by North Korea, a joint statement by the US and South Korea alleges.
The Indian crypto exchange’s hack has been at the center of the country’s crypto narrative since July 2024. Despite the local police getting involved, little to no progress has been made in recovering the stolen money.
The US and South Korea say the thefts of WazirX’s $235 million and Radiant Capital’s $50 million were attributable to the DPRK, based on their detailed industry analysis.
A MONIIFY report earlier detailed how a North Korean group was the likely hacker. The statement mentions DPRK, or North Korea, “including the Lazarus Group.”
While the WazirX part of the allegations against DPRK were made by the US and South Korea, the document and other claims come from Japan too.
The three countries also suggested they would “recover stolen funds with the ultimate goal of denying the DPRK illicit revenue for its unlawful weapons of mass destruction and ballistic missile programs.”
A rare move?
What’s unusual about the statement on the hack? It involves three countries claiming that a fourth country (North Korea) hacked a crypto exchange in a fifth country (India) based on “detailed industry analysis.”
WazirX co-founder Nischal Shetty says in a post on X that “this is a critical moment”, and urged “swift international action and support to recover stolen assets.”
Such allegations against North Korea are not new.
In fact, the reclusive state or its affiliated groups, stole $1.3 billion worth of crypto in 2024, more than half of the total $2.2 stolen last year, according to Chainalysis. And, in September 2024, the FBI said that North Korea was aggressively targeting the crypto industry with well-disguised social engineering attacks.
Their reason for going what seems like slightly out of their way? North Korea’s “cyber program threatens our three countries and the broader international community and, in particular, poses a significant threat to the integrity and stability of the international financial system.”
WazirX’s hack wasn’t the only cyber theft the three countries highlighted in what was a “new warning to the blockchain technology industry regarding the ongoing targeting and compromise of a range of entities across the globe” by North Korea.
The note mentions other hacks such as “DMM Bitcoin for $308 million, Upbit for $50 million, and Rain Management for $16.13 million.”
MONIIFY was unable to reach out to the North Korean government for comment.
This story was updated throughout at 5pm.
Edited by Thyagu Adinarayan. If you have any tips, ideas or feedback, please get in touch: talk-to-us@moniify.com
