In the face of rising prices and renewed interest in the cryptocurrency market, North Korean hackers are intensifying their illicit activities, specifically targeting exchanges like Coinbase. CEO Brian Armstrong revealed that the company has had to adapt its policies significantly to counteract these threats from North Korea.
He noted that the threat posed by these hackers is escalating, reflecting a continuous influx of new talent emerging from North Korea. “It feels like there’s 500 new people graduating every quarter from some kind of school they have,” Armstrong remarked.
The FBI recently issued an updated warning regarding North Korean IT workers who engage with private companies to generate illicit revenue for the regime.
These workers reportedly collaborate with both “witting and unwitting” accomplices in the US, facilitating their activities by reshipping company laptops, attending virtual interviews on behalf of North Korean candidates, and even setting up front businesses.
Armstrong emphasized that the need for rigorous security protocols has led Coinbase to enhance its customer support operations, particularly with the establishment of a new facility in Charlotte, North Carolina.
In addition to external threats, Coinbase is actively working to mitigate internal risks. Armstrong mentioned that malicious actors have offered significant bribes to customer service agents in exchange for sensitive information.
To combat this, Coinbase has implemented strict controls over the information its employees can access and has made it clear that any violations will have serious consequences.
Armstrong stated, “When we catch people, we don’t walk them out the door; they go to jail.” He reiterated that no amount of money is worth the risk of losing one’s freedom.
Featured image from DALL-E, chart from TradingView.com
