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North Korean Hackers Pose as IT Staff, Drain $1 Mln from Web3 Projects
In a shocking turn of events, a group of hackers believed to be linked to North Korea has been found to have posed as IT staff and drained nearly $1 million from various Web3 projects. This latest scheme is just the latest in a string of high-profile hacks that have left the cryptocurrency community reeling.
According to reports, the hackers gained access to multiple NFT collections by impersonating IT personnel and manipulating the minting systems to generate large batches of tokens, which they then offloaded at scale. The hack has caused significant losses for affected projects, including Favrr, Replicandy, and ChainSaw, among others.
The attackers are believed to have extended their reach beyond crypto, infiltrating U.S. defense contractors and IT firms through fake hiring campaigns and elaborate social engineering tactics. This latest wave of crypto-related fraud and security breaches has prompted nations across the globe to take swift action to strengthen regulatory safeguards.
In response, the Trump administration is actively advancing a series of pro-crypto policies aimed at shielding the industry from discriminatory banking practices and excessive regulatory pressure. These measures include a pending executive order that prohibits financial institutions from targeting crypto firms, as well as efforts to roll back SEC-imposed restrictions like SAB 121 and legislative support for frameworks such as the GENIUS Act, which seeks to clarify rules for stablecoins and digital assets.
Meanwhile, Australia has taken swift action by capping cash transactions at AU$5,000, enforcing stricter identity checks, and requiring real-time scam warnings.
Source: ambcrypto.com
