Arthur Cheong, founder of DeFiance Capital, claimed that North Korean hackers wanted to endanger leading crypto institutions. Cheong shared this information via Twitter on April 15, citing research from cybersecurity experts. In particular, Cheong mentioned a hacker group called BlueNorOff, which is backed by the North Korean government.
According to Cheong, BlueNorOff’s recent attacks prove that it has mapped the correlation graph of the entire crypto space. He added that the hacker group has helped most crypto organizations find phishing emails.
BlueNorOff is not the only North Korean hacker group targeting the cryptocurrency space. Last week, the US Treasury Department linked the notorious North Korean hacker group Lazarus with a theft of over $625 million from the Axie Infinity Ronin bridge.
How to Increase Security?
To help cryptocurrencies protect their operations from North Korean attacks, Cheong worked with cybersecurity expert Jun Hao to offer viable solutions to this problem.
Solutions the duo came up with include storing on-chain crypto assets in enterprise-grade custody solutions. According to Cheong, External Accounts (EOAs) secured with a hardware wallet do not provide adequate protection because attackers can add a false Metamask browser extension and initiate confirmation of unwanted transactions.
suggested using multi-signature wallets like Gnosis Safe. For added security, Cheong recommended that crypto platforms use custody solutions with two-factor authentication (2FA).
Cheong also recommends implementing 2FA for all logins, bookmarking frequently used crypto dApp websites, revoking unnecessary token validation, using dedicated computers for crypto transactions, and hiring remote software engineers, developers. suggested to detect.
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