SIM Swaps, Different Crypto-related Crimes Set to Rise in South Korea, Says SK

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A South Korean telecommunications large has claimed that SIM swap-type crypto assaults are on the rise within the nation – and has predicted an increase in all crypto-related crime circumstances within the second half of 2022.

The claims have been made by SK Shieldus, a part of the SK Group, which owns SK Telecom – one of many nation’s two greatest cell and web carriers. SK Shieldus, previously ADT Caps, is among the nation’s greatest bodily and web safety manufacturers.

Per News1, the corporate acknowledged that as of January this 12 months, the corporate had seen proof of SIM swap assaults happening – with criminals particularly focusing on cell phone customers who’ve crypto holdings.

The agency added that this pattern would possible proceed upward within the months forward, and added {that a} latest assault on a home decentralized finance (DeFi) protocol had seen criminals make off with some USD 1.7 million.

Moreover, the corporate added that infamous ransomware teams have been finishing up “re-branding” efforts in an try to keep away from the eye of investigative authorities. SK Shieldus claimed that these “re-branding” drives have been an indication that such teams would “change into extra lively.” Some teams, the agency stated, have been now making ready the “launch” of “a wide range of assaults.”

SK Shieldus added that “hacking” assaults on a variety of crypto targets would develop in H2, with extra DeFi targets already in criminals’ crosshairs.

“We count on extra assaults focusing on digital belongings [in general],” the agency acknowledged.

It added that lone-wolf hackers have been now a dying breed – and that larger teams have been now seeking to wove into the area. An govt was quoted as explaining:

“Previously, hackers developed ransomware alone. However now they’re systematically hiring malicious code builders. They’re ready to share their revenue with these builders.”

The agency concluded that corporations ought to control the LockBit ransomware gang, which started to step up its exercise in September 2019 – when it launched so-called ransomware-as-a-service (RaaS) operations.

The SK subsidiary acknowledged that its information confirmed that LockBit is presently as much as 3 times extra lively than different RaaS teams, together with Conti and BlackCat.


Be taught extra: 
– Hacker Used ‘Social Media Information Leak’ to Steal USD 660K in Crypto from 90 Victims – Police
– Lady Will get 5-year Jail Time period After Stealing USD 87K Price of Crypto in Relationship App Rip-off

– MetaMask Goals to Assist Crypto Rip-off & Phishing Victims Take Authorized Motion Towards Fraudsters
– Private Information Leaks In Crypto Are Inevitable, Right here’s What Can Be Finished

– Terraform Officers Banned from Leaving South Korea as Do Kwon ‘Might Apply for Singaporean Citizenship’
– South Korea to Launch a Crypto Regulatory Company in Wake of LUNA Crash


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