Michael Pearl, Vice President of GTM Strategy at the on-chain security firm CyVers, has suggested that North Korea’s Lazarus Group might view the U.S. Bitcoin spot exchange-traded fund (ETF) as a viable target.
According to a report by Cointelegraph, the Lazarus group is linked to some of the most notorious hacking incidents in the cryptocurrency space. Pearl pointed out that the U.S. Bitcoin spot ETF holds approximately $52.1 billion worth of Bitcoin on-chain, which could offer high profitability to North Korean hackers.
He also warned that an attack on the Bitcoin ETF could pose significant risks not only to the ETF providers but also to associated businesses. Such an incident could prompt calls for tighter regulations from the U.S. and other nations to enhance cybersecurity measures.
The cryptocurrency industry is still recovering from the $230 million WazirX hack in July, which has heightened awareness of the importance of cybersecurity.
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