FBI and CSIA Warn of North Korean Cyber Attacks on Encryption

The U.S. Cybersecurity and Infrastructure Security Agency (CISA) and the U.S. Federal Bureau of Investigation (FBI) issued a warning about a North Korean state-backed cyber threat targeting blockchain companies in response to last month’s Ronin Bridge hack .

On April 18, the U.S. FBI and the Department of the Treasury jointly issued the warning, along with warnings and mitigation recommendations for blockchain and encryption companies to ensure their own businesses are safe from hackers.

Lazarus is not the only hacking group listed as an Advanced Persistent Threat (APT), others include APT38, BlueNoroff, and Stardust Chollima. CISA observed that these groups and others like them targeted what the bulletin called "a variety of organizations in the blockchain technology and cryptocurrency industries," such as exchanges, decentralized finance (DeFi) protocols, and WSOP. game.

In 2021, their coffers will be filled with $400 million in stolen cryptocurrency funds, according to a report by Chainalysis. At the end of March, these hackers attacked Ronin Bridge, extracting about $620 million in cryptocurrency from it.

The CSIA does not believe that the theft rate will drop anytime soon, as some organizations are using spear-phishing and malware attacks to steal cryptocurrencies. It added:

“These actors may continue to exploit vulnerabilities in cryptocurrency technology companies, gaming companies, and exchanges to generate and launder funds in support of the North Korean regime.”

The warning details how these groups are using malware such as AppleJeus to target blockchain and crypto companies, while also offering advice on how users can reduce the risk to themselves and their funds. Most of the recommendations are common-sense security procedures, such as using multi-factor authentication for private accounts, educating users about common social engineering threats, blocking newly registered domain emails, and endpoint protection.

The checklist of mitigation strategies a business should adopt includes all reasonable recommendations to keep it safe from harm. However, CSIA believes that education and awareness of the threats that exist is one of the best strategies.

"A cybersecurity-aware workforce is one of the best defenses against social engineering techniques such as phishing," the CSIA concluded.

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