North Korean Hackers Target Tech Companies, Says Coinbase CEO
In a recent interview, Coinbase CEO Brian armstrong revealed how North Korean hackers are trying to infiltrate tech companies. The hackers frequently enough pose as remote IT workers,aiming to steal cryptocurrency.
Armstrong estimates that around 500 new agents graduate from special schools in North Korea every quarter. Their goal is to work at tech firms and steal crypto. These agents are often forced into this role, with their families threatened if they don’t comply.
During job interviews, these agents may have coaches assisting them. To counter this, Coinbase now requires candidates to turn on their cameras. Employees accessing sensitive systems must also visit the U.S. for orientation.
Another tactic involves bribing support teams. They offer large sums of money for private details. To combat this, Coinbase has tightened security. only fingerprinted U.S. citizens with family in-country can access sensitive data.
North Korean hackers also try to bribe support teams with large sums of money. In response, Coinbase has increased control over its support team and moved offices to the U.S. and Europe. The company also offers a $20 million bounty for information on attackers.
North Korea is very interested in stealing crypto. According to Elliptic, the Lazarus group stole $1.46 billion from ByBit, the biggest crypto heist in history. Since 2017, North Korea has stolen over $5 billion in crypto, with 40% funding its nuclear program.
North Korean hackers use various tactics, including fake identities and bribes. They also launder stolen assets via crypto mixers like Tornado Cash. Despite their low tech competency, they manage to steal crypto.
Companies like Circle and MetaMask have been criticized for their role in DPRK-related money laundering. Though, Coinbase remains cautious, given its responsibility for over 2.2 million bitcoins.
