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Cryptocurrencies are already going through a bad year. This month’s hacks into Binance and Solana-based SOL/USD DeFi platform Mango have only rubbed salt into the wounds — and have generated some laughs online.
What Happened: The latest unauthorized exploits — worth over $100 million each — have spurred netizens to create memes that suggest North Korea and its supreme leader, Kim Jong Un, were behind the hacks to fund the hermit kingdom’s defense systems.
funding secured for next missile launch pic.twitter.com/dF3XDnysk6
— 찌 G 跻 じ 𝙎𝙚𝙣𝙥𝙖𝙞 of the 𝙃𝙚𝙣𝙩𝙖𝙞 (@DegenSpartan) October 12, 2022
Kim: Yo bro, defi money is easy money, my funding is secured again pic.twitter.com/vzEZuLEC3g
— UmaruCapital⚡(🌝,�) (@UmaruCapital) October 12, 2022
— Kuro (@KuroXLB) October 12, 2022
Jokes aside, North Korea launched at least seven attacks on cryptocurrency platforms that extracted nearly $400 million worth of digital assets in 2021, according to Chainalysis.
See Also: $1.59B In Stolen Funds In North Korea, Leading The World For Crypto-Related Cybercrime
“These attacks targeted primarily investment firms and centralized exchanges, and made use of phishing lures, code exploits, malware, and advanced social engineering to siphon funds out of these organizations’ internet-connected ‘hot’ wallets into DPRK-controlled addresses,” the report noted.
DeFi protocols have also become a frequent target of state-sponsored hacking groups. North Korea-affiliated groups have stolen approximately $1 billion of cryptocurrency from DeFi protocols so far in 2022, Chainalysis estimates.
Price Action: Mango’s MNGO MNGO/USD is up by 7.3% in the last 24 hours, after plunging 42% on Wednesday, according to price data from CoinMarketCap.
Illustration by Alexey Konkov on Shutterstock
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Image and article originally from www.benzinga.com. Read the original article here.