UN report: North Korean hackers infiltrate the cryptocurrency industry through fake job applications, earning $600 million annually

ChainCatcher news, according to DLNews, a United Nations report states that North Korean hackers are infiltrating the cryptocurrency industry by impersonating job seekers. These fraudulent recruitment schemes have reportedly earned North Korea up to $600 million annually, with around 4,000 North Koreans attempting to enter the Western tech industry, including the cryptocurrency sector, by concealing their identities. Over the past seven years, North Korean hackers have stolen $3 billion worth of cryptocurrency assets through 58 cyber theft cases. Experts warn that this trend may just be beginning, posing new security challenges for the cryptocurrency industry.

MetaMask Chief Security Researcher Taylor Monahan pointed out that North Korea generates revenue through the illegal sale of resources, IT jobs, manual labor, and hacking activities. With the launch of Bitcoin ETFs, Wall Street has begun to view cryptocurrencies as an asset class, leading to a surge in recruitment demand within the cryptocurrency industry. However, the influx of fraudulent job seekers has made hiring increasingly difficult.