
Unchained
How North Koreans Infiltrated the Crypto Industry to Fund the Regime - Ep. 715
Oct 8, 2024
Sam Kessler, CoinDesk’s deputy managing editor for tech, and Taylor Monahan, co-founder of MyEtherWallet, dive into the alarming infiltration of the crypto industry by North Korean operatives. They discuss how these 'IT' workers use deception to bypass hiring processes and the ethical dilemmas facing companies unknowingly employing them. The conversation highlights security vulnerabilities, red flags to watch for, and personal stories that reveal the unique tactics deployed by these hackers. They also reflect on industry improvements and the ongoing fight to secure crypto protocols.
01:13:28
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Quick takeaways
- North Korean operatives have infiltrated the crypto industry using fake identities, significantly funding the regime's missile programs through stolen assets.
- The lack of structured recruitment processes in crypto companies contributes to vulnerability, often leading to the hiring of North Korean developers without proper background checks.
Deep dives
The Threat of North Korean IT Workers
North Korean IT workers have been infiltrating the crypto industry since as early as 2018, often using fake identities and resumes to secure employment within tech companies. These workers help to extract money that ultimately supports the heavily sanctioned regime in North Korea, with a significant portion of this revenue reportedly funneled toward funding missile programs. The breadth of this infiltration is alarming, with around a dozen crypto companies unknowingly employing these North Korean developers, and the operations extend to well-known projects like Cosmos Hub and Yearn Finance. As these infiltrators blend into reputable organizations, they pose a sophisticated threat to the integrity and security of the crypto market.
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