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North Korean Hackers Pose as IT Staff, Drain $1 Million from Web3 Projects
A significant cybersecurity incident has occurred in the Web3 space, with nearly $1 million stolen by hackers posing as IT staff. The hack is believed to be linked to North Korea-affiliated groups, which have been increasingly aggressive in their crypto-related activities.
According to reports, the hackers gained access to multiple NFT projects by impersonating IT personnel. They then manipulated the minting systems to generate large batches of tokens, offloaded them at scale, and triggered a collapse in market value. This led to significant financial losses for the affected projects.
The hack is not an isolated incident, as North Korea-linked groups have been attributed with over $1.6 billion worth of stolen crypto this year alone. The staggering $1.5 billion Bybit breach in February is believed to be their work, making it the largest crypto theft in history.
These malicious actors are known for their extensive reach beyond crypto, having infiltrated U.S. defense contractors and targeting IT firms through fake hiring campaigns and elaborate social engineering tactics.
In response to these growing incidents of crypto-related fraud and security breaches, nations across the globe are stepping up regulatory safeguards. The United States is actively advancing a series of pro-crypto policies aimed at shielding the industry from discriminatory banking practices and excessive regulatory pressure.
This includes an executive order prohibiting financial institutions from targeting crypto firms, efforts to roll back SEC-imposed restrictions like SAB 121, and legislative support for frameworks such as the GENIUS Act. These measures aim to clarify rules for stablecoins and digital assets.
Additionally, Australia has swiftly moved to address crypto ATM misuse by capping cash transactions at AU$5,000, enforcing stricter identity checks, and requiring real-time scam warnings.
Source: ambcrypto.com
