FBI Warns North Korean Hackers Target US Bitcoin and Crypto ETFs

Today, the FBI issued an alert warning that North Korean hackers are targeting US cryptocurrency exchange-traded funds (ETFs) in an attempt to steal digital assets. Hackers are using advanced social engineering techniques to breach the security of companies associated with these financial products, the FBI said.

According to the FBI, the Democratic People’s Republic of Korea (DPRK) has conducted highly targeted social engineering attacks on employees in the decentralized finance (DeFi) and cryptocurrency industries. These attacks involve detailed pre-operational research and customized scenarios designed to exploit the victim’s specific interests and connections.

“Malicious cyber actors in North Korea have conducted research on a variety of targets related to cryptocurrency exchange-traded funds over the past several months,” the FBI said. “This research included pre-operational preparations that suggest North Korean actors may attempt malicious cyber activities against companies associated with cryptocurrency ETFs or other cryptocurrency-related financial products.”

The FBI pointed out that North Korean cyber actors pose a persistent threat to organizations that handle large amounts of cryptocurrency. Their tactics include impersonating trusted contacts, creating fake scenarios involving job or investment offers, and deploying malware through prolonged and convincing interactions with their targets.

The agency urged companies in the cryptocurrency sector to adopt strict security measures, including multi-factor authentication, limiting access to sensitive information and verifying the identity of contacts through multiple channels. The FBI also recommended that companies with access to significant cryptocurrency holdings take extra precautions to protect their assets against these sophisticated cyber threats.