The founder of Crypto Fund has warned the industry about cyber attacks in North Korea


According to the founder of a crypto fund, all prominent cryptocurrency companies are likely to be targeted by North Korean hackers and their cyber security should be strengthened.

North Korea’s success so far has led to the possibility of devoting more resources to such attacks, said Arthur Cheung, who set up Defense Capital in Singapore in 2020 and was himself a recent victim of a cybercrime. He advised crypto firms to take extra care in hiring remote teams, withdrawing computers and unnecessary tokens authorized for crypto transactions.

“It’s important that the industry is aware that we are being targeted by a state-sponsored cybercrime organization that is extremely wealthy and sophisticated,” Mr Cheung said on Twitter.

North Korea appears to have stepped up its crypto-related cyber-attacks in recent months. Last week, the US Treasury Department arrested North Korean hacking group Lazarus for stealing more than $ 600 million in cryptocurrencies from a software bridge used for the popular Axi Infinity play-to-play game. Cybercrime has provided a lifeline for the struggling North Korean economy, which has been hampered by sanctions imposed to punish nuclear and missile tests and has since shrunk. Kim Jong Un Took power almost a decade ago. – Bloomberg

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