North Korea Is Behind Recent DeFi Hack?

North Korea Is Behind Recent DeFi Hack?

North Korean-backed hackers have many complex methods to target crypto companies, according to DeFiance Capital founder Arthur Cheong.

Cheong said on Twitter on Friday that these hackers are utilizing new kinds of social engineering to “slip through our mental defences.” He says that he discovered this information after conducting a study and speaking with prominent cyber security specialists.

According to Cheong, BlueNorOff, a North Korean-sponsored cybercrime organization, is at the forefront of these synchronized attacks.

According to the crypto specialist, he simply chose to make his findings public so that the whole cryptocurrency community would be on high alert.

“They might even change the tools and attack pattern in future. Once the current attack method gets less effective, such as a trojanized DeFi App and Wallet attack discovered lately. Given the success, it is likely North Korea will dedicate more resources to this group to scale up the intensity of the attack.”

Last month, Cheong was the victim of a social engineering attack. Hackers were able to install malware on his device and steal the seed phrase for his hot wallet via a “spear-phishing” email. During the attack, he lost $1.7 million worth of NFTs.

He said that information from a cyber security firm proved BlueNorOff was responsible for the hack.

Cheong cautioned companies and individuals involved in the cryptocurrency market to take greater caution. For transactions, he suggested utilizing multi-signature enterprise-grade hardware wallets.

He emphasized that when it comes to hiring new team members, crypto companies should be extremely cautious. These hackers, he claims, are attempting to break into cryptocurrency firms.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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