Crypto Fund founder warns industry about North Korean cyber attacks

According to the founder of a crypto fund, hackers are likely targeting all prominent cryptocurrency organizations and they should strengthen their cybersecurity.

North Korea will likely spend more resources on such attacks, given its success so far, according to Arthur Cheong, who founded DeFiance Capital in Singapore in 2020 and was himself a victim of cybercrime. He advised crypto companies to be extra careful when hiring remote workers, to have dedicated computers for crypto transactions, and to revoke any token approvals that are not necessary.

Cheong stated on Twitter that “It is crucial that this industry be highly aware that we have been targeted by a state-sponsored cybercrime organization which is extremely resourceful, and sophisticated.”

In recent months, North Korea seems to have increased its cyber-related attacks on cryptocurrencies. The U.S. Treasury Department linked Lazarus, a North Korean hacking group, to the theft of more than $600 million worth of cryptocurrency from a software bridge that was used in the Axie Infinity game-to-earn. The cybercrimes have been a lifeline to the North Korean economy that has been hampered by sanctions for its nuclear and missile testing and has grown smaller since Kim Jong Un’s rise to power a decade ago.

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