EddieJayonCrypto

 16 Jul 24

tl;dr

A recent investigation by DL News has revealed that North Korean operatives are increasingly infiltrating the crypto industry through exploitation of job postings. Cybersecurity experts have noted that these hackers use social engineering to target cryptocurrency companies, tricking employees into g...

North Korean operatives have been exploiting job postings to infiltrate the rapidly growing crypto industry, posing a significant security threat. Cybersecurity experts have highlighted the use of social engineering by North Korean hackers to gain access to private data of cryptocurrency companies.

Not limited to the crypto industry, the job posting hacking scheme has involved over four thousand North Korean nationals within Western tech firms, channeling large sums of money back to their home country. Losses from these breaches have exceeded $3 billion, with traditional money launderers increasingly using cryptocurrency for on-chain money transfers.

A recent investigation by DL News revealed that North Korean operatives are increasingly infiltrating the crypto industry through job postings. Cybersecurity experts noted that these hackers use social engineering to target cryptocurrency companies, tricking employees into granting access to private data.

Shaun Potts, founder of crypto-specific recruiting firm Plexus, commented, "It’s an operational hazard for the industry. It’s an ongoing thing, in the same way that hacking is a thing within tech. You can’t stop it, but you can minimize its risks."

Cybersecurity experts have explained that North Korean hackers use social engineering to target cryptocurrency companies, tricking employees into unwittingly allowing access to private data. They typically approach potential victims on social networks or messaging apps, offering fake jobs or technical support requests, leading to catastrophic data breaches.

Furthermore, the job posting hack scheme extends beyond the crypto sector, with over four thousand North Korean nationals involved in Western tech firms, channeling significant funds back to their home country. Losses from North Korean-associated crypto hacks have exceeded $3 billion.

A notable finding is that nearly 80% of illicit funds are transferred through intermediary wallets, mixers, privacy coins, and cross-chain protocols. This trend highlights the increasing use of cryptocurrency by traditional money launderers for illicit transfers.

The involvement of over four thousand North Korean nationals in Western tech firms, as well as the losses from North Korean-associated crypto hacks surpassing $3 billion, underscores the extensive impact of this issue. Additionally, the increased use of cryptocurrency by traditional money launderers for illicit transfers poses broader implications for the global financial landscape.

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Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
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