FBI warns of North Korean cyber attacks on crypto and defi platforms

The FBI has issued a public warning about North Korea's increasing cyber operations targeting the cryptocurrency sector, including decentralised finance (DeFi) platforms and cryptocurrency exchange-traded funds (ETFs). 

The agency reported that North Korean hackers are using advanced social engineering tactics to deploy malware and steal digital assets, posing a significant threat to organisations handling large quantities of cryptocurrency. 

The FBI detailed how North Korean cyber actors, operating under the Democratic People’s Republic of Korea (DPRK), are carrying out "highly tailored, difficult-to-detect social engineering campaigns" against employees of DeFi platforms, cryptocurrency firms, and other related businesses. 

These campaigns often involve extensive pre-operational research to identify targets, gather personal information from social media, and develop customised scenarios to deceive victims. 

The tactics may include fake job offers, business deals, or corporate investments, all designed to gain trust and deliver malware through seemingly legitimate interactions. 

The FBI also highlighted that North Korean hackers have been focusing on businesses associated with cryptocurrency ETFs. 

The agency noted signs of “pre-operational preparations suggesting North Korean actors may attempt malicious cyber activities against companies associated with cryptocurrency ETFs or other cryptocurrency-related financial products.” 

The alert emphasised the sophistication of these cyber tactics and the persistent threat they pose to the cryptocurrency sector. 

Organisations dealing with large amounts of digital assets are especially vulnerable to these targeted attacks. 

The FBI warned that North Korea’s cyber operations are not only highly advanced but also specifically designed to exploit weaknesses in cybersecurity defenses within the crypto and DeFi sectors. 

The FBI urges cryptocurrency-related companies to strengthen their cybersecurity measures and remain vigilant against potential threats. 

The agency recommends enhanced monitoring and employee training to detect and respond to these advanced social engineering tactics, which have become a growing concern for digital asset security.