FBI warns of North Korea: This is how sophisticated they steal crypto

They spy on their victims, gain their trust and then strike. These are the North Koreans' tactics for stealing targeted crypto from companies.

The FBI has issued a warning about North Korean crypto fraudsters. According to the intelligence agency, they use highly sophisticated social engineering methods. They mainly target companies in the DeFi sector, which are connected to crypto-ETFs, such as those for Ethereum or Bitcoin.

The criminals seek out their victims on social media and then design customized fictional scenarios, such as job offers or investment proposals, to get the targets into their sphere of influence. "The perpetrators usually try to have lengthy conversations with potential victims to build a relationship," the FBI said. "Then they will install malicious programs in situations that seem natural and not suspicious."

A well-known example of such a case: the hack of Axie Infinity in 2022, so far the largest in the industry. In this, $650 million was stolen. North Korean hackers managed to trick one of those responsible with social engineering techniques and get crucial information loose.

$3 billion in 6 years: This much crypto North Korea, especially the Lazarus Group, stole until the end of 2023. This amount was almost five percent of North Korea's gross domestic product. Half of the money would go to Kim Jong-Un's military.