samczsunEarly this month, the United States, Japan, and the Republic of Korea issued a joint statement on cryptocurrency thefts perpetrated by the Democratic People’s Republic of Korea (DPRK) and ongoing efforts to disrupt these operations. To many of us in the industry, this statement is not breaking news, but rather a sobering reminder of the seriousness of the threat our industry faces.
The DPRK is responsible for some of the largest heists and most impactful cyberattacks in both Web2 and Web3 history, including attacks on the Ronin Bridge and the Bangladesh Bank. In addition to these large scale heists, the DPRK also targets smaller protocols or even wealthy individuals through elaborate spearphishing attacks. Collectively, over half a billion dollars in theft has been attributed to the DPRK.
When facing a threat actor as sophisticated as the DPRK, it’s dangerous to go alone. Fortunately, the FBI has been working behind the scenes for several years to identify and notify potential victims of DPRK cyberattacks before they get compromised, something that SEAL has recently been able to assist with by leveraging our crypto-native network. As such, I’m strongly encouraged by the emphasis placed on public-private partnerships and the recognition of our efforts in this area. Only by working together can we ensure that the industry is maximally protected from those wishing to profit at our collective expense.
Our work here isn’t done. As we enter the next bull market, our industry will be a bigger target than ever before. Fortunately, we’re also much more prepared than ever before. SEAL already works closely with private sector partners in both Web2 and Web3 on initiatives that protect the industry and its participants. Going forward, we also look forward to increased collaboration with our colleagues in the public sector. We welcome the opportunity to work with NIST on cybersecurity standards, or with national security agencies like the State Department and DoD on protecting critical infrastructure from the DPRK. If you’re interested in joining the fight, please reach out to [email protected].
samczsunUpdated
The United States, Japan, and the Republic of Korea issued a joint statement on cryptocurrency thefts perpetrated by the DPRK and on private-public partnerships
The Security AllianceUpdated
North Korean IT workers are particularly attracted to blockchain and cryptocurrency companies for several reasons, including evading international sanctions by avoiding traditional financial systems.
The Security AllianceUpdated
Since launching SEAL 911, our team has recovered more than $50M from cyber attacks. To expand these efforts, we have built an ISAC tailored to the needs of the crypto industry.
