Friday, March 29, 2024
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North Korean hackers target top crypto firms for million dollar heist: DeFiance Capital CEO

According to Arthur Cheong, the North Korean government finances the hackers to target all the major crypto firms for theft.

According to Arthur Cheong, CEO of DeFiance Capital, North Korean hackers are aggressively seeking to attack major crypto firms. On April 15, he disclosed this information in a tweet, citing studies by renowned cybersecurity specialists. Cheong specifically named a hacking organisation called BlueNorOff, which is supported by the North Korean government.

According to him, BlueNorOff’s recent social engineering assaults demonstrate that the organisation has mapped the entire crypto space’s connection structure. He went on to say that this skill aids the hacking gang in the creation of phishing emails that have a high likelihood of eluding the defences of most crypto firms.

Notably, BlueNorOff is not the only North Korean hacking organisation focusing on the cryptocurrency market. The US Treasury Department has connected Lazarus, a notorious North Korean hacker gang, to the theft of $625 million from the Axie Infinity Ronin bridge.

This disclosure comes as hackers continue to execute large-scale assaults against DeFi protocols, with Beanstalk Farms being the most recent victim. Yesterday, bad actors used a flash loan vulnerability to steal more than $180 million from the protocol.

Increase crypto security

Cheong collaborated with Jun Hao, a cybersecurity specialist, to present realistic solutions to the challenge at hand in order to assist crypto businesses in protecting their operations from North Korean threats.

Among the alternatives proposed by the pair is the storage of on-chain crypto assets on enterprise-grade custodial platforms.

According to Cheong, externally owned accounts (EOAs) protected by a hardware wallet may not provide adequate protection since attackers can implant a bogus Metamask browser extension and trigger the acceptance of undesired transactions.

He suggested adopting multi-signature wallets like Gnosis Safe, which are protected by several hardware wallets. Cheong suggests that crypto platforms use custodial solutions with multisig two-factor authentication for increased security (2FA). To mention a few, they include fireblocks, copper, and Qredo.

Cheong also recommended employing 2FA for all sign-ins, bookmarking commonly used crypto dApp websites, rescinding needless token approval, using dedicated PCs for crypto transactions, and exercising caution when hiring distant software engineers and developers.

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Vaishali Goel
Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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