Coinbase, the globe\u2019s third-largest cryptocurrency exchange by volume, is encountering a fresh wave of menaces from North Korean cybercriminals aiming for remote positions within the company.<\/p>\n
North Korean IT professionals are progressively focusing on Coinbase\u2019s remote worker policy to gain entry to its confidential systems.<\/p>\n
As a reaction, Coinbase CEO Brian Armstrong is reconsidering the crypto exchange\u2019s internal safety protocols, which include mandating all employees to undergo in-person training in the US, while individuals with access to confidential systems must possess US citizenship and undergo fingerprinting.<\/p>\n
\u201cThe DPRK is highly interested in appropriating crypto,\u201d Armstrong informed Cheeky Pint<\/em> podcast host John Collins in a Thursday episode<\/a>. \u201cWe can work together with law enforcement [\u2026] but it feels like there are 500 new graduates every quarter, from some kind of institution they have, and that is their entire occupation.\u201d<\/p>\n He added that some agents are compelled to work for the regime. \u201cIn many situations, it\u2019s not the individual person\u2019s wrongdoing. Their families are being coerced or imprisoned if they do not comply,\u201d said Armstrong.<\/p>\n Armstrong\u2019s remarks emerge amidst a surge of escalating North Korean cyber activities beyond Coinbase.<\/p>\n In June, four North Korean agents penetrated several crypto firms as freelance developers, pilfering a total of $900,000 from these<\/a> startups, Cointelegraph reported.<\/p>\n Related: <\/strong><\/em>Bitcoin ETFs are the next major target for North Korean hackers \u2014 Cyvers<\/strong><\/em><\/a><\/p>\n Armstrong\u2019s recent measures come three months subsequent to the exchange affirming that less than 1% of its transacting monthly users were impacted by a data breach<\/a>, which may cost the exchange up to $400 million<\/a> in reimbursement costs, Cointelegraph reported on May 15.<\/p>\n Nevertheless, the \u201chuman cost\u201d of this data breach might be significantly greater for users, according to Michael Arrington, the founder of TechCrunch and Arrington Capital, who pointed out<\/a> that the breach encompassed home addresses and account balances, leading to prospective physical assaults.<\/p>\n Related: <\/strong><\/em>Hoskinson pledges audit, is \u2018deeply troubled\u2019 by $600M Cardano treasury claims<\/strong><\/em><\/a><\/p>\n Among all US crypto companies, the Coinbase brand was the most duplicated in phishing attacks in 2024, fraudulently appearing in 416 reported phishing scams over the preceding four years, according to a Mailsuite report shared with Cointelegraph.<\/p>\n Totaling all US brands, Facebook\u2019s parent company, Meta, was the most personated brand by scammers, making appearances in at least 10,457 reported scam incidents during the last four years.<\/p>\n The US Internal Revenue Service ranked second on the list, having been imitated in at least 9,762 scams.<\/p>\nCoinbase data exposure could endanger users physically<\/h2>\n