Must be managed with dual wallets and AI surveillance by North Korean hackers

Table of Contents

Cryptocurrency companies need to step up their defenses against North Korean hackers who are looking for work to set up a massive exploit in major web-3 companies, security experts told Cointelegraph.

Hiring a North Korean developer could open a crypto project infrastructure against the threat of hacking and data breaches similar to the Coinbase data breaches in May.

To combat this growing threat, the industry needs to adopt enhanced wallet management standards, early exploit prevention and real-time AI monitoring for safer employee review practices, Crypto Security experts told Cointelegraph.

“Organisations need to deal with DPRK (DPRK),” said Yehor Rudytsia, director of forensic medicine and incident response at blockchain cybersecurity firm Hacken, “intensive background checks and strict role-based access.”

Crypto companies should also follow CCSS practices for wallet operations (dual control, audit trail, identity verification). “In addition, maintain enhanced logging, monitor abnormal activity, and review cloud setups frequently. The key is simple. Keep validation, maintain monitoring, and don’t rely solely on trust.”

Dual Wallet Control is a type of multi-signature wallet, requiring multiple key holders to sign transactions for verification.

Most North Korean developers are not hackers, but their wages fund the nation. This has become a major cybercrime threat for the crypto industry.

Related: Circle explores “reversible” USDC transactions with a break from the spirit of cryptography

A week ago, Binance co-founder Changpeng Zhao issued a warning against the growing threat of North Korean hackers trying to break into crypto companies through employment opportunities and bribery.

Source: Changpeng Zhao

His warning comes after an ethical hacker group called the Security Alliance (SEAL) released the profiles of at least 60 North Korean agents posing as IT workers in search of our employment.

The repository contained important information about North Korea’s impersonation, including aliases, fake names and emails.

A sticker team repository for impersonation of 60 North Korean IT workers. Source: lazarus.group/team

Related: World Liberty Advisors Bet millions as a Financial Fuel Avax Rally for Corporate

Real-time AI threat surveillance can save crypto companies from data breaches

Experts also recommend using artificial intelligence for real-time threat detection.

“North Korean IT workers are infiltrating crypto companies to gain insider access and move stolen funds and steal data,” Deddy Lavid, co-founder and CEO of blockchain cybersecurity firm Cyvers, told Cointelegraph:

“Coinbase violations were a warning. Active, AI-driven surveillance is a way to stop the next surveillance.”

Lavid said AI-based anomaly detection could further protect businesses by hiring and linking on-chain and off-chain data.

In June, four North Korean operatives infiltrated multiple crypto companies as freelance developers, stealing a cumulative $900,000 from these startups, demonstrating the threat.

https://www.youtube.com/watch?v=ndv0rfehetq

magazine: Thailand’s “Big Secret” Crypto Hack, RWA Token for Chinese Developers: Asia Express