DeFinance Founder Warns Top Crypto Organisations Of North Korean Hackers

Arthur Cheong, the founder of DeFinance Capital, says North Korean hackers are attacking big crypto organizations.

Cheong has partnered with a cybersecurity expert, Jun Hao, to understand the situation and come up with a solution to help crypto firms in protecting themselves.

Storing on-chain crypto assets on enterprise-grade custodial solutions is one solution recommended by the duo.

According to DeFinance Capital Founder Arthur Cheong, top crypto firms are on target the North Korean hackers. Citing research from leading cybersecurity experts, the founder disclosed this information in a series of tweets on April 15.

A hacker group called BlueNorOff, sponsored by the North Korean government, was specifically mentioned by Cheong.

The group has weaved the relationship graph of the entire crypto space entirely, and this could be proved by recent social engineering attacks on BlueNorOff.

He explained that with this ability, the hacker group could create phishing emails, creating high chances that most top organizations wouldn’t be able to counter.

4/ It is critical that this industry is highly aware that we are being actively targeted by a state-sponsored cyber crime organization that is extremely resourceful and sophisticated. They might even change the tools and attack pattern in future.
— Arthur ?⛩️?? (@Arthur_0x) April 15, 2022

Also, BlueNorOff is not the only group that radiates danger; Crypto Space is under the radar of many such North Korean cybercrimes. The US Treasury Department alleged an infamous North Korean hacking group called Lazarus stole over $625 million from the Axie Infinity Ronin bridge.

Measures For Enhancing Security

Cheong is working in collaboration with a cybersecurity expert, Jun Hao, to come up with a feasible solution to break out of the prevailing situation and help crypto organizations safeguard their operations from North Korean attacks.

The team of two, among many suggestions, has also recommended storing on-chain crypto assets on enterprise-grade custodial solutions.

Externally Owned Accounts that hardware wallet secures aren’t reliable in terms of protection since a fake Metamask browser extension can be easily used for processing transactions, according to Cheong.

Cheong recommends using Gnosis Safe instead since it is secured by many hardware wallets. Cheong further suggests adopting custody solutions that have multisig two-factor authentication (2FA), such as Copper, Qredo, and Fireblcocks.

Cheong also proposed applying 2FA for bookmarking frequently used crypto dApp websites, sign-ins, revoking unnecessary token approval, utilizing dedicated computers for crypto transactions, and exercising due diligence during the on-boarding of remote software developers engineers.

The information came into public knowledge as hackers continued to attack big organizations in the crypto space. Bad actors recently made Beanstalk Farms their latest victim, with protocol losing over $180 million after the exploit that took place yesterday.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing