Inspired by Davey Winder, an experienced cybersecurity writer, hacker and analyst.

A newly published alert by the U.S. Federal Bureau of Investigation (FBI), alert number I-090324-PSA, has revealed an alarming rise in sophisticated cyberattacks aimed at stealing cryptocurrency. These operations, described as highly tailored and difficult to detect, are being carried out by state-sponsored hackers linked to North Korea’s Democratic People’s Republic. The hackers are specifically targeting employees of companies in the crypto and finance sectors, especially those that handle substantial amounts of cryptocurrency-related assets or products.

Even the Most Tech-Savvy at Risk: The Complex Nature of North Korean Attacks

The FBI has painted a grim picture of these North Korean-led operations. Far from being simple scams, these campaigns are elaborate and relentless, making even the most cybersecurity-savvy individuals vulnerable. In fact, the determination of these state-backed attackers has been so persistent that even seasoned professionals with deep technical expertise are not immune to compromise.

Recent FBI investigations into attacks against cryptocurrency exchange-traded funds (ETFs) highlight the scale of the threat. The FBI warns that North Korean hackers may expand their malicious activities, particularly targeting companies involved with cryptocurrency ETFs or other financial products linked to crypto. What makes these attacks especially concerning is the extensive groundwork carried out by the hackers beforehand. They meticulously research their targets, often diving into their victims’ social media profiles, especially those on professional networking platforms.

The Art of Deception: Social Engineering at Its Finest

These hackers don’t just rely on brute force tactics. Instead, they craft highly convincing scenarios to lure their victims. The FBI noted that attackers often gather personal details about their targets’ backgrounds, skills, and business interests to create elaborate ruses. One tactic that’s been repeatedly deployed is the “fake job offer” or “investment opportunity.” The goal is simple but chilling: build trust over time through prolonged conversations to eventually drop malicious software.

What sets these attacks apart is their persistence. Max Gannon, cyber intelligence team manager at Cofense, emphasized that while many advanced attacks involve brief, single communications, the North Korean approach is far more involved. They establish a sense of legitimacy over time, making their eventual attack all the more effective. The FBI has further warned that these hackers are capable of communicating fluently in English, including using highly technical jargon related to the cryptocurrency space.

What to Watch For: Indicators of Crypto Phishing Attacks

In its alert, the FBI provided a list of key indicators that might signal North Korean threat actors are attempting to execute a phishing attack. These include:

• Requests to download applications on devices connected to the company’s network.
• Pre-employment tests or debugging exercises that require executing non-standard scripts.
• Unsolicited job offers from major crypto or tech companies, especially when accompanied by unrealistic salaries.
• Spontaneous investment offers that seem too good to be true.

Four Immediate Steps to Protect Yourself

To counter the very real risk posed by these sophisticated social engineering attacks, the FBI recommends implementing several best practices:

1. Verify Initial Contacts: If someone reaches out through a professional networking or job platform, always verify the request through a different medium. Ideally, use a live video call or a separate messaging platform, and require in-person verification before adding anyone to an internal network.
2. Keep Crypto Information Offline: Never store sensitive crypto wallet information—such as passwords, seed phrases, or IDs—on internet-connected devices. Always require multi-factor authentication and approvals from several separate networks before moving any financial assets.
3. Limit Access to Sensitive Information: Restrict access to sensitive company information, especially network data and code repositories. Conduct regular security checks and rotate devices used in authentication processes to prevent unauthorized access.
4. Avoid Pre-Employment Testing on Company Devices: Do not allow any pre-employment testing or code execution on company laptops. Instead, use a virtual machine or a device provided in person by the testing company.

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