North Korea Linked to More Illicit Crypto Activity

After the hack of the Ronin network of $650 million it seems the Lazarus Group is still under the watch of the FBI.

Last week we found from blockchain security platform, Chainalysis, that North Korean were the ones behind the large-scale hack of the Axie Infinity blockchain. The FBI, US Treasury Department, and the CISA have all now co-released a cybersecurity advisory on North Korea. “The U.S. government has observed North Korean cyber actors targeting a variety of organizations in the blockchain technology and cryptocurrency industry,” the report reads.

This report cites that the main areas of the crypto industry that they are targeting are decentralized finance, VC funds, and individual holders of large amounts of crypto assets. The report also indicates that the tactics being used are similar to those of the Lazarus Group.

“As of April 2022, North Korea’s Lazarus Group actors have targeted various firms, entities, and exchanges in the blockchain and cryptocurrency industry using spearfishing campaigns and malware to steal cryptocurrency,” the report reads. One of the strategies that are used by them is called “Spearphishing” where an attacker will send an email containing malware to a member of IT or software development. This email will be something along the lines of recruitment offering a high-paying job.

This is not the first time that North Korea has been involved in illegal crypto activity. Last year the UN found that North Korea had been using cryptocurrencies to finance its nuclear and ballistic missiles. Chainalysis also found that hackers from North Korea were responsible for $400 million worth of stolen Bitcoin and Ethereum in 2021.

Hacks are commonplace in cryptocurrency and there is nothing that you can really do about it. There are many ways to protect your funds and assets. Getting a cold storage device is one of the best steps that can be taken to secure yourself. The best thing to remember with your crypto assets is to not trust anyone and that will keep you safer than anything else.