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Defiance Capital Founder Warns Crypto Firms on North Korea’s Targeted Attack

Quick take:

  • The crypto industry seems to be hit by a storm of hacks, most probably by North Korean hackers.
  • DeFiance Capital founder Arthur Cheong warns crypto firms to be extra vigilant.

Prominent cryptocurrency firms and organizations are under attack in what appears to be a never-ending heist. The firms seem to be targeted by North Korean hackers, according to Arthur Cheong, founder of DeFiance Capital.

He advises firms to strengthen their cybersecurity before it's too late. He said North Korea would likely deploy more resources to fund the attacks as they have been very successful.

The attacks might continue

Arthur, who was a victim of a recent attack, advised crypto firms to be extra cautious while hiring remote teams, keep dedicated systems for crypto transactions, and revoke any unwanted token approvals.

“It is critical that this industry is highly aware that we are being targeted by a state-sponsored cybercrime organization that is extremely resourceful and sophisticated,” Cheong said on Twitter.

North Korea seems to have leveled up its cyberattack game recently. The US treasury department linked the Lazarus hacking group to the $600 million Ronin Bridge hack.

He backed the claims with evidence from a cyber security firm that confirmed that BlueNorOff was behind the exploit.

Not only did the Twitter thread expose the security issues, but it also offered possible remedies. Cheong cautioned organizations and people involved in the cryptocurrency market to exercise greater caution. For transactions, he suggested employing multi-signature enterprise-grade hardware wallets.

The crypto market has seen a loss of over $1 billion in the first quarter of 2022. The US government has also announced $5 million rewards for insider information that could assist in halting North Korea-backed operations.

The information provided on DecentReviews does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Do not treat any of the websites content as such. DecentReviews does not recommend that any cryptocurrency or blockchain asset should be bought, sold, or held by you. Conduct your own due diligence and consult your financial advisor before making any investment decisions.

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