DeFi

North Korean hackers infiltrate cryptocurrency job sites in ‘silent war’ that nets $600 million – DL News

Published

6 months ago

15 July, 2024

CoinFlix Staff

North Korean hackers infiltrate cryptocurrency job sites in ‘silent war’ that nets $600 million – DL News

Fake candidates test cryptography’s adoption of anonymity.
According to the UN, 4,000 North Koreans are trying to break into the tech sector by finding jobs.
“There is a kind of silent war going on,” says one expert.

Hiring in the crypto industry has never been easy.

Finding skilled developers is difficult, as is managing remote workers across multiple time zones.

Now, recruiting staff in the cryptocurrency space is about to get even more difficult.

A DL News An investigation has revealed that fake candidates are flooding job sites with falsified resumes.

Additionally, mounting evidence suggests that a number of these fake candidates appear to be North Korean nationals attempting to infiltrate crypto projects for malicious purposes, including collecting sensitive data, hacking, and stealing assets.

“It’s an operational risk for the industry,” said Shaun Potts, founder of Plexus, a crypto recruitment firm. DL News“It’s a permanent phenomenon, in the same way that hacking is a common practice in the technology sector. We can’t stop it, but we can minimize the risks.”

Concealing identities

According to the United Nations Security Council, more than 4,000 North Koreans have been forced to seek work in the Western tech sector while concealing their identities. This includes the crypto industry.

Over the past seven years, North Korean hackers have stolen $3 billion worth of crypto assets in 58 suspected cyber thefts, the council said in a recent 615-page report.

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While it is unclear how many of these thefts were carried out with the help of fake employees, experts fear this trend may only be beginning.

“They illegally sell resources, computer labor, forced labor and computer hacking.”

— Taylor Monahan, MetaMask

That’s because it’s a very lucrative business. According to the UN, this fake recruitment system alone earns North Korea up to $600 million a year.

“They have very limited amounts of resources that they can sell to China,” said Taylor Monahan, principal security researcher at crypto wallet MetaMask. DL News“So they generate income by illegally selling resources, doing computer work, doing hard labor and hacking computers.”

New challenge

This development presents a new challenge for a sector that is becoming mainstream. With the launch of Bitcoin ETFs, Wall Street has embraced crypto as an asset class. DeFi mainstays such as Solana and Aave are recording increasing income and develop their activities.

The last thing crypto needs is an army of fake job applicants as the industry grows and demand for new recruits increases.

Ten of the largest cryptocurrency exchanges, including Coinbase and Binance, have recorded more than 1,200 new openings in May. Layoffs are also slowing down.

According to data from Layoffs.fyiThe number of unemployed people in the cryptocurrency sector fell dramatically in the first quarter compared to the same period last year.

“They just added a few new roles so it shows up differently in LinkedIn search.”

— Karolis Kundrotas, Durlston Partners

“Everyone I know is either working on another project or is unavailable,” said Zak Cole, co-founder of crypto venture studio Number Group. DL News“How are we going to attract new talent?”

The answer: cast a wider net.

AI Research

Instead of going to a formal recruiting agency, Cole and his co-founders used an artificial intelligence tool called Applyr AI to screen candidates. It uses AI to flag keywords in resumes that match their criteria.

The results are mixed. In a video interview with Number Group, one candidate who had listed Dutch as his mother tongue hung up when asked to speak in that language.

Another candidate’s GitHub profile — a LinkedIn for programmers — was only created a month ago, even though he was applying for a senior developer position.

On another resume, a candidate for a remote job listed a state penitentiary in Texas as his home address.

When asked if he was actually living in a prison, the applicant replied: “Yes.”

Cole’s biggest concern was making sure the candidates were who they said they were.

He said a pattern emerged as he went through them and arranged interviews: Many refused to turn on their cameras.

Video calls

Often, what they said in interviews contradicted what was written on their resume. In other words, they lied.

“They all have the same type of storyline,” Cole said. He added that their backgrounds were also blurred if they appeared on camera and were calling from a room with other people.

Karolis Kundrotas, a crypto industry consultant at recruiting firm Durlston Partners, said many candidates copy real LinkedIn profiles.

“It’s the exact same experiences and the same type of education as a real person,” he said. “They just added a few new roles so it shows up differently in LinkedIn search.”

Kundrotas said video calls are also key because you can see if the person is quickly reading additional information before responding.

One candidate did just that during a shared video call with DL News.

The applicant indicated that he had extensive knowledge of non-fungible tokens and crypto games, but had never heard of “Axie Infinity,” one of the largest and most well-known games in the industry.

Naturally, this is a major red flag.

Avoid background checks

Besides being a huge waste of time, these fake candidates also undermine a core pillar of crypto ethics.

Anonymity and pseudonymity are highly prized values in the cryptocurrency space. The tendency of project teams to avoid background checks and work at lightning speed like startups makes them a prime target for illegitimate hiring schemes.

For this reason, Potts says 95% of his clients have stopped hiring pseudonymous developers.

“People underestimate the security of many cryptocurrencies,” said MetaMask’s Monahan. “It’s actually not that uncommon for a random project to hire someone to do a job and then quickly move it forward.”

Perhaps this is what North Korea’s dormant candidates are counting on.

Monthly salary of $60,000

Some North Korean employees in the crypto industry earn up to $60,000 per month and hold multiple full-time and freelance jobs.

According to the UN report, the richest keep 30% of their income and give the rest to the authorities in Pyongyang.

Considering the reports of extreme poverty In North Korea, the sums are enormous for individuals.

This is why startups must remain vigilant.

“They will continue to flood job boards, build resumes, and attack crypto companies and projects as long as it is effective,” Monahan said.

Their work also has a geopolitical dimension.

Erin Plante, vice president of investigations at Chainalysis, said there are evidence North Korea partly funds its nuclear weapons program by hacking cryptography sites. The Lazarus Group, a North Korean hacking operation, attacked Ronin Bridge for $540 million in 2022, according to blockchain analytics firm Elliptic.

In 2019, the U.S. Treasury Department’s Office of Foreign Assets Control sanctioned Lazarus.

If North Korea is using fake candidates as part of this program, that’s a major problem, said Adam Zarzinski, CEO of blockchain analytics firm Inca Digital.

“There’s a silent war going on,” said Zarzinski, a former U.S. Air Force judge advocate. DL News.

Liam Kelly is a DeFi correspondent at DL NewsContact us at liam@dlnews.com.

Fuente

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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