FBI And CSIA Have Issued Alert Over North Korean Cyberattacks On Crypto Targets.

The cybersecurity organization believes that the cyberattacks posed by North Korean hackers will persist unless crypto companies take simple but necessary security measures.

In reaction to the Ronin Bridge cyberattacks last month, the Cybersecurity and Infrastructure Security Agency (CISA) and the FBI have issued an advisory on North Korean state-sponsored cyber threats targeting blockchain enterprises.

The advisory was published on April 18 in collaboration with the Federal Bureau of Investigation and the Treasury Department, and it included cautions and mitigation measures for blockchain and crypto companies to keep their operations safe from hackers.

Lazarus isn’t the only hacker organization that has been designated as an advanced persistent threat (APT). APT38, BlueNoroff, and Stardust Chollima are also among the Lazarus members.

These and other similar groups have been seen targeting “a variety of organizations in the blockchain technology and cryptocurrency industry,” including exchanges, decentralized finance (DeFi) protocols, and play-to-earn games, according to the alert.

According to a research by Chainalysis, their attempts resulted in $400 million in stolen crypto assets in 2021. The regime has already surpassed that figure this year, with the Ronin Bridge cyberattacks in late March yielding around $620 million in cryptocurrency.

The CSIA believes that the frequency of crimes will not decrease very soon, citing the use of spearphishing and malware by criminals to steal cryptocurrency. It went on to say:

“These actors will likely continue exploiting vulnerabilities of cryptocurrency technology firms, gaming companies, and exchanges to generate and launder funds to support the North Korean regime.”

Because of Kim Jong Un’s adamant refusal to give up his nuclear weapons program, the US has imposed some of the most severe economic sanctions ever against his country. As a result, he has turned to cryptocurrencies to fund his nuclear weapons program, as his usual funding flows have been almost cut off.

While the alert goes into deeper depth about how these groups utilize malware like AppleJeus to target blockchain and crypto firms, it also includes recommendations for how users can protect themselves and their users’ funds.

The majority of the recommendations are common sense security practices, such as multi-factor authentication on private accounts, user education on common social engineering vulnerabilities, barring newly registered domain emails, and endpoint protection.

The laundry list of mitigation techniques that businesses should use to guarantee they are safe from harm includes all reasonable options; however, the CSIA feels that one of the best strategies is education and knowledge of the threat.

“One of the best defenses against social engineering techniques like phishing is a cybersecurity-aware workforce,” the report said.

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Patrick

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