FBI Warning: North Korean Hackers Eyeing Big Attack on Crypto ETFs

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The recent report by the Federal Bureau of Investigation (FBI) has gathered significant attention from crypto enthusiasts, as North Korean hackers have set their sights on Crypto Exchange Traded Funds (ETFs) issuers. According to a recent report, these hackers have conducted several months of research on various targets linked to crypto ETFs.

Source: ic3.gov

North Korean Hackers Eyeing Crypto ETFs

The FBI in a report, cited “This research included pre-operational preparations suggesting North Korean actors may attempt malicious cyber activities against companies associated with cryptocurrency ETFs or other cryptocurrency-related financial products.”

The report suggests that North Korean hackers have now shifted their focus to big baskets from crypto companies, which hold comparatively lower assets as compared to the ETF issuers. Additionally, this report hints that the crypto industry is at risk of the biggest financial loss yet.

ETF Issuers Urged to Strengthen Security

Looking at this as a significant concern, Taylor Monahan the lead security researcher at MetaMask urged ETF issuers to be cautious of the FBI’s warning. In addition to this, Taylor also stated, “If I were an ETF issuer (or even working at a company adjacent or brand affiliated with ETFs), I would definitely be reviewing my internal controls right now.”

By referring to Lazarus Group (The Biggest Crypto Hacking Group) She also added, 

“Identify single points of failure, ensure logging is on, revoke and rotate old or unused keys, and share this PSA with employees. Lazarus doesn’t mess around and they are very good at getting inside organizations.” 

However, this warning is a critical alert from the FBI, as North Korean hackers are good at this and have the potential to do anything in the field of security breaches. Moreover, their name has not been linked to any hacks or scams in the past few months, which might indicate that this is a serious warning. 

Crypto Hacks by North Korean Hacker

North Korean hackers have been linked to 58 cyber heists in the last seven years and have stolen more than $3 billion worth of cryptocurrencies, according to a report by the United States National Security Council. However, the Lazarus Group is known as a TRON whale, as they hold a centi-million of dollars of TRX.

On the other hand, Spot Bitcoin and Ethereum ETF have attracted $50 billion and $7 billion, respectively, since their launch. If North Korean hackers target these assets, it could mean a massive crash.