North Korean Hackers Impersonate Venture Capital Firms to Target Banks

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According to Kaspersky, the infamous North Korean group Lazarus is imitating venture capitalists and banks to steal cryptocurrencies. The state-sponsored cybercrime group creates domains that pose as well-known Japanese, American, and Vietnamese companies. Lazarus was behind the $625 million Axie Infinity hack in April. LoadingSomething is being loaded.

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North Korea’s infamous Lazarus Group is imitating venture capitalists and banks to steal cryptocurrency, according to a report by cybersecurity firm Kaspersky.

The state-sponsored cybercrime group, which was behind the $625 million Axie Infinity hack in April, creates domains that pose as well-known Japanese, American and Vietnamese companies.

Kaspersky said Lazarus’ BlueNoroff subgroup uses new types of malware delivery methods that bypass security warnings about downloading content. They can then “intercept large cryptocurrency transfers, change the recipient’s address, and push the transfer amount to the limit, essentially emptying the account in a single transaction.”

While BlueNoroff has been quiet for most of the year, Kaspersky researchers said there has been a recent increase in activity. The FBI reported the North Korean group in an alert in April.

Kaspersky’s senior security researcher said in a statement that 2023 will be marked by cyberattacks of unprecedented force, and companies must work diligently to strengthen security measures.

Hackers will become increasingly sophisticated

Ari Redbord, head of legal and governmental affairs at blockchain analytics firm TRM Labs, estimated that North Korea was responsible for more than $1 billion of the record $3.7 billion that Crypto hackers around the world have scammed over the past year.

“When you talk about billions of dollars and North Korea, you’re talking about a country that has virtually no GDP, so they basically created an economy by laundering cryptocurrency and we know those funds don’t not fund a lifestyle,” Redbord told Insider. “They will be used for nuclear proliferation or ballistic missile systems. In 2022, these hacks have gone from a law enforcement issue to a national security issue.”

According to him, 2022 was the year of hacking. As the FTX crash and the so-called crypto winter dominated the headlines, crypto businesses came under attack with “alarming speed and scale.”

Over the past few months, hackers have posed as recruiters and targeted specific people who had access to private keys. They also used initial token offerings and social media to launch attacks, Redbord added.

He said North Korean hackers look for two key characteristics in their targets: high volumes of cash and vulnerable cyber defenses. Due to the nascent nature of the space, crypto companies exemplify both.

“The tactics that North Korea engages in are becoming increasingly sophisticated,” Redbord said. “It seems like ‘phishing’ means casting a wide net, but the reality is that these are extremely targeted and highly sophisticated activities.”

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