• North Korean hackers are targeting Bitcoin ETF issuers and crypto firms using sophisticated social engineering attacks, prompting an FBI warning.
• The threat highlights the increasing vulnerability of the crypto sector, with even cybersecurity experts at risk from these complex schemes.

According to the most recent public service announcement, North Korean hackers are aggressively targeting the crypto industry with well-disguised social engineering attacks. In response, the FBI has issued a warning, highlighting that these bad actors are focusing on employees of decentralized finance (DeFi) firms, particularly those associated with spot Bitcoin ETF issuers.

The announcement emphasized that even individuals with advanced cybersecurity expertise could fall prey to North Korea’s sophisticated and persistent tactics. A statement in the announcement reads,

The FBI emphasizes North Korea employs sophisticated tactics to steal cryptocurrency funds and is a persistent threat to organizations with access to large quantities of cryptocurrency-related assets or products.

FBI Warns of Complex Scams Targeting Crypto

The FBI described these social engineering schemes as “complex and elaborate, often compromising victims with sophisticated technical acumen.” These attacks involve detailed pre-operational research, using personal information and relationships to deceive targets into granting network access.

Common methods include fake scenarios or requests to execute code, conduct employment tests, or invest in certain companies. Notably, a similar case was reported by CNF last year when the FBI arrested the Bitcoin mixer founder from Tornado Cash for money laundering in North Korea.

This growing threat has raised concerns within the crypto community, especially as Bitcoin ETF issuers have attracted billions of dollars since the SEC’s approval in January, as highlighted by CNF. The SEC also recently reiterated warnings about the rising number of crypto scams, contributing to widespread apprehension in the industry.

As of today, Bitcoin (BTC) is trading at $56,386.72, with a decrease of 3.83% in the past day and 5.75% in the past week. See the BTC price chart below.