According to Maltum Demirars of Crucible Capital, recently bite hack is a geopolitical issue rather than a fundamental defect in the cryptocurrency security.
Speaking CNBC’s “Power Lunch”“Demorers and Trustedsec CEO David Kennedy Is attached to the attack In the Lazarus Group of North Korea, which has a history of targeting digital assets.
Kennedy mentioned that Hack reflected the previous cyber attack which depended on the social engineering strategy to compromise the developer accounts.
Kennedy said, “He made a lot of research and much understanding around exchanges and infrastructure, as well as this type of, how you know, public and private major cryptography components work,” said Kennedy.
The attack targeted the baibit’s safe wallet infrastructure and transferred funds through a 50,000 address network to obscure the transaction.
Demirs insisted that the cold storage security of bitcoin remains intact, but private significant risks are always present in cryptocurrency. However, he pointed to the growing industry cooperation in response to Hack.
Demirs stated that such an attack may seriously affect the bibit in 2022 or 2023, but improved better cooperation between security providers, exchanges and governments, which has increased asset tracking and freezing efforts.
Both experts agreed that the attack highlights the need for increased security, but does not reduce the Bitcoin (BTC) investment case.
“This is a matter of North Korea. This will continue on the issue of North Korea, ”said Demorers. “The Trump administration is smart on Crypto. They do not see it as a crypto issue. ,
Kennedy said that while designed to secure the cryptocurrency system, human weaknesses remain the biggest risk.
