The world has gone 'crypto-mad'. The Lazarus group has been posting fake job listings to target cryptocurrency verticals

Cryptocurrency scams are nothing new but still leave more damage every time they take place. Recently, North Korean threat actors, known as the Lazarus group or HIDDEN COBRA have been posting fake cryptocurrency jobs in order to target the cryptocurrency vertical in countries like the US, UK, Germany, Singapore, and more. This is not the first time Lazarus group/HIDDEN COBRA has targeted cryptocurrency organizations.

The North Koreans are believed by UN Security Council Experts to be behind cryptocurrency heists that led to losses of US$571 million between 2017 and 2018, resulting in the US Treasury sanctioning three DPRK-sponsored and financially motivated hacking groups (Lazarus, Andarial, and Bluenoroff). North Korea may boast over 6,000 hackers, a US Army Report suggests. Many are operating from other countries including Russia, China, and India.

Why are cryptocurrency scams on the rise?

Hackers use current events and buzzy trends to trick their victims. Media stories and social media posts are partly to blame, creating a feedback loop that only adds to the hysteria over cryptocurrencies. The result? Between October 2020 and May 2021, Americans lost an estimated US$80 million (€71m) to thousands of cryptocurrency scams, according to the FTC. In the UK, the figure is even higher: police claim that victims lost over £146m (€172m) in the first nine months of 2021.

What are the most common cryptocurrency scams?

If you have digital currency safely stored in a cryptocurrency exchange, it may be at risk from hackers. On numerous occasions threat actors have successfully managed to extract funds from these businesses, sometimes making off with hundreds of millions. However, usually, the breached companies will promise to recompense their blameless customers. Unfortunately, there are no such assurances for the victims of cryptocurrency fraud.