All prominent cryptocurrency organizations are probably being targeted by North Korean hackers and should strengthen their cybersecurity, according to the founder of a crypto fund.
North Korea is likely to devote more resources to such attacks given the success it’s had so far, said Arthur Cheong, who set up DeFiance Capital in Singapore in 2020 and was himself a recent victim of a cybercrime.
For the latest headlines, follow our Google News channel online or via the app.
He advised crypto firms to take extra care in hiring remote teams, have dedicated computers for crypto transactions and revoke unnecessary token approvals.
“It is critical that this industry is highly aware that we are being targeted by a state-sponsored cybercrime organization that is extremely resourceful and sophisticated,” Cheong said on Twitter.
North Korea appears to have stepped up its crypto-related cyber attacks in recent months. Last week, the US Treasury Department tied the North Korean hacking group Lazarus to the theft of more than $600 million in cryptocurrency from a software bridge used for the popular Axie Infinity play-to-earn game.
Cybercrimes have provided a lifeline for the struggling North Korean economy, which has been hobbled by sanctions to punish it for nuclear and missile tests, and grown smaller since Kim Jong Un took power about a decade ago.
Read more:
Scams, ransomware incidence on the rise in Middle East, cybersecurity experts warn
Scamming revenues rose 82 pct in 2021 to $7.8 bln worth of stolen crypto: Expert
NFT fraud: Money laundering and wash trading on the rise, expert warns
Also Read
-
Scams, ransomware incidence on the rise in Middle East, cybersecurity experts warn
Ransomware incidence is on the rise and is quickly becoming the most common cyberattack method on businesses, particularly in the Middle East, ... Technology -
Russian cybercriminals may be evading Ukraine war sanctions through crypto: Expert
Since Russia’s invasion of Ukraine, blockchain data platform Chainalysis tracked just over $62 million worth of cryptocurrency sent from Russian-based ... Features -
Digital-asset gateway Fasset betting on crypto appeal in Islamic world raises funds
Fasset, a digital-asset gateway, is planning a major expansion in some areas of the Islamic world, as it seeks to boost the adoption of ... Technology
