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North Korea in the Business of Making Your Crypto, Their Crypto

In what might be the biggest state-sponsored digital heist in history, North Korean hackers pulled off 47 successful attacks last year, more than doubling their take from 2023. For every $100 stolen in crypto globally, $61 ended up in North Korean wallets. That's $1.34 billion of other people's money.

A Country Turned Crypto Thief

Why would an entire country turn to stealing digital money? The answer lies in survival. North Korea faces some of the strictest international sanctions in history. They can't trade normally with other countries. Their banks can't interact with the global financial system. Even their diplomats struggle to maintain foreign bank accounts.

But Kim Jong Un's regime still needs money – lots of it. They're determined to maintain their nuclear program, fund their military, and keep their elite in luxury. And they found a perfect loophole: cryptocurrency. It's valuable, it's digital, and most importantly, it moves outside traditional banking systems that enforce those pesky sanctions.

The Hack Playbook

North Korea isn't hiding in the shadows – they're running a full-scale cyber army. Their hackers, like the infamous Lazarus Group, are trained from childhood and treated like elite athletes.

Take the hack of Japanese Bitcoin exchange, DMM, from early 2024. In a single swoop, they stole 4,502.9 Bitcoin – worth $305 million, resulting in the company shutting down. How? Their hackers spent months posing as job applicants, contractors, and even potential investors. They built fake LinkedIn profiles, attended virtual meetings, and slowly gained trust before striking.

But here's the twist: they're not just going after the big exchanges anymore. They've infiltrated crypto and Web3 companies with fake employees, targeting amounts as small as $10,000. These smaller thefts often go unreported and unnoticed – until someone's retirement savings vanish.

Protecting Your Digital Dollars

You don't need to be a tech wizard to protect yourself. Here's what you need to know:

First, treat your crypto wallet like your house – you wouldn't leave your front door unlocked just because you have insurance. If you're using an exchange, pick one of the major players like Coinbase or Gemini. Yes, they're sometimes a pain with all their security checks, but that's exactly what you want. Those annoying verification steps? They're your digital deadbolts.

Second, be suspicious of crypto-related job offers or investment opportunities, especially if they come through LinkedIn or other social networks. North Korean hackers love posing as recruiters or investors. If someone's promising amazing returns or exclusive opportunities, they're probably after your wallet, not your talents.

Finally, and this is crucial – never, ever share your private keys or seed phrases. Not with job interviewers, not with investment advisors, not with anyone. Think of these like the PIN to every bank account you'll ever have, combined. Write them down on paper (yes, actual paper) and store them somewhere safe. Digital is deletable, paper is permanent.

Remember, North Korea's hackers are playing the long game. They're patient, professional, and have the backing of an entire nation. But they're also counting on people not taking basic precautions. Don't be their next payday.

Don't Get Got!

P.S. Your experiences matter. If you've encountered a scam or hack and have insights to share, we invite you to connect with us. Let's build a community that stands against cyber threats.