Two men made more than $7 million illegally broadcasting sports events through 247TVStream. Find out how the scheme worked, how much damage it caused, and how law enforcement shut down the platform.
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The hackers laundered most of the stolen funds through three exchanges they created, and the rest through 51 other platforms. Although a specific exchange was not named, South Korea’s Upbit reported a similar incident in 2019. The investigation revealed Lazarus and Andaliel groups linked to North Korean intelligence. These conclusions were made based on the analysis of IP addresses and the root directory of cryptoassets. Together with the FBI, 4.8 Bitcoins were traced and returned to the affected exchange in Seoul.
In May 2024, a UN committee reported that North Korea is suspected of 97 cyberattacks on cryptocurrency companies from 2017 to 2024 for a total of $3.6 billion.
North Korea regularly denies its involvement in cybercrime, but is known for its massive hacking operations. Organizations should strengthen their defenses and regularly review their security systems to minimize the risk of such attacks.
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