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Cryptocurrencies

Crypto fund founder Cheong warns industry on N. Korean cyberattacks

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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.

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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.

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