DeFiance Capital warned of threats to the crypto industry from the DPRK hackers

Arthur Cheong gave advice on how to protect yourself from cybercriminals

16.04.2022 - 10:15

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3 min

What’s new? DeFiance Capital founder Arthur Cheong said that North Korean-sponsored hackers are probably already aware of all the vulnerabilities in the cryptocurrency sphere and know where to strike next. Cheong’s research led him to believe that the North Korean hacker group BlueNorOff is conducting an organized campaign targeting all known crypto organizations. The cybercriminals’ main tool will be phishing.

Source: Twitter.com

What security measures does Cheong suggest? The founder of DeFiance Capital, in his series of tweets, gave some recommendations to crypto companies and ordinary users on how to protect themselves from hackers:

One should use multi-signature wallets such as Fireblocks, Copper, Qredo, etc.
Crypto companies should be careful when hiring employees, especially engineers and software developers. According to a Kaspersky report, the Lazarus group may be engaged in the creation of fake development companies.
If possible, use dedicated computers for crypto transactions that are not used for reading email and other everyday tasks.
Two-factor authentication should always be enabled, a hardware 2FA such as YubiKey should be used if possible.
Bookmark links to all cryptocurrency services one uses to protect against fake links.
Companies should implement crypto address monitoring systems.
All employees of firms should receive cyber security training.
Phishing and spam detection systems should be configured.

What had happened before? Chainalysis, a cybersecurity company, submitted a 2021 report showing that the DPRK hackers stole around $395 million in cryptocurrency. In March 2022, hackers withdrew $1,6 million in NFTs from Arthur Cheong’s cryptocurrency wallet.

The US Treasury Department also added to the sanctions list a wallet containing 148 000 ETH from the Ronin Network hack. The FBI linked the sidechain attack to the Lazarus hacker group from North Korea.

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