Urgent Alert: Crypto Founders Face Deluge of North Korean Fake Zoom Call Hacks

Are you a crypto founder? Brace yourself. A sophisticated new wave of cyberattacks is targeting the cryptocurrency world, and this time, it’s disguised as your everyday Zoom call. Imagine the shock of thinking you’re about to discuss a lucrative partnership, only to find yourself in the crosshairs of North Korean hackers. This isn’t a hypothetical threat; it’s the alarming reality faced by several crypto entrepreneurs recently. Let’s dive into this urgent situation and equip you with the knowledge to protect your valuable assets from these cunning crypto scams.

Deluge of Fake Zoom Calls Targeting Crypto Founders

In a disturbing trend, multiple crypto founders have reported being targeted by elaborate hacking attempts orchestrated by, allegedly, North Korean cybercriminals. The modus operandi? Fake Zoom calls designed to trick victims into downloading malware. Nick Bax, a cybersecurity expert from the Security Alliance, highlighted this escalating threat in a recent social media post, revealing that this method has already cost unsuspecting victims millions. The scam unfolds with hackers initiating contact, posing as potential partners or investors, and setting up a Zoom meeting.

Here’s a breakdown of how these fake Zoom calls typically play out:

• Initial Contact: Hackers reach out with enticing offers of partnerships or investment opportunities.
• The Fake Meeting: A Zoom call is scheduled, seemingly with legitimate venture capitalists.
• The Audio Ruse: Upon joining the call, participants are met with a pre-recorded video loop of a ‘VC’ and a message in the chat indicating audio problems.
• Malicious Link: A link is then shared, disguised as an ‘audio patch’ or ‘update’ to fix the supposed sound issue.
• Malware Installation: Unsuspecting victims, eager to make a good impression, click the link and unknowingly download malware.

Bax emphasizes the psychological manipulation at play: “They exploit human psychology, you think you’re meeting with important VCs and rush to fix the audio, causing you to be less careful than you usually are. Once you install the patch, you’re rekt.”

Real Crypto Founders, Real Hacking Attempts

The warnings from cybersecurity experts aren’t just theoretical. Several crypto founders have come forward to share their firsthand experiences with these hacking attempts. Giulio Xiloyannis, co-founder of Mon Protocol, a blockchain gaming platform, recounted how he and his head of marketing were targeted. The red flag for Xiloyannis was the sudden request to use a suspicious Zoom link, supposedly to resolve audio issues. He noticed inconsistencies, such as partner logos that seemed out of place, which triggered his suspicion and prevented a potential security breach.

David Zhang, co-founder of Stably, a US venture-backed stablecoin, faced a similar ordeal. Hackers initially used his legitimate Google Meet link but then diverted him to another meeting under the guise of an ‘internal meeting’. Fortunately, Zhang took the call on a tablet, which may have limited the malware’s effectiveness, as it seemed designed for desktop operating systems. This highlights a crucial point: hackers are adapting their tactics, but sometimes, device choices can inadvertently offer a layer of protection.

Melbin Thomas, founder of Devdock AI, a decentralized AI platform for Web3 projects, also reported being targeted. While he disconnected his laptop and took steps to reset it, his experience underscores the widespread nature of these attacks and the lingering uncertainty victims face even after thwarting the initial attempt. His question, “Is it still infected?” resonates with many who have encountered similar cyber threats, emphasizing the need for robust cybersecurity measures and expert guidance.

North Korean Hackers: A Growing Threat in the Crypto Space

These hacking attempts are not isolated incidents. They are part of a larger, more concerning trend of North Korean cyber activity targeting the cryptocurrency sector. In January, a joint warning from the US, Japan, and South Korea highlighted the escalating threat posed by cryptocurrency hackers linked to North Korea.

Groups like the Lazarus Group are repeatedly named as prime suspects in major cyber heists within the Web3 space. Their alleged involvement in high-profile incidents like the Bybit $1.4 billion hack and the $600 million Ronin Network hack underscores their sophistication and the scale of their operations. Furthermore, their use of crypto mixers like Tornado Cash to launder stolen funds, as detected by CertiK, demonstrates their ongoing efforts to evade detection and accountability.

Protecting Yourself from Crypto Scams and Fake Zoom Calls

So, how can crypto founders and anyone in the crypto space protect themselves from these crypto scams and sophisticated North Korean hackers utilizing fake Zoom calls? Here are some actionable steps:

• Verify Meeting Links: Always double-check the legitimacy of any Zoom or meeting link, especially if it deviates from the initially agreed-upon link. Be wary of last-minute changes.
• Be Suspicious of Audio Issues: Audio problems can happen, but be extra cautious if they are immediately followed by a request to download a ‘patch’ or ‘update’ via a link.
• Hover Before Clicking: Before clicking any link, hover over it to see the actual URL. If it looks suspicious or unfamiliar, do not click.
• Use a Sandbox Environment: Consider using a virtual machine or sandbox environment to open suspicious links or files. This can isolate potential malware from your primary system.
• Keep Software Updated: Ensure your operating system and antivirus software are up to date. While not foolproof, it adds a layer of defense.
• Educate Your Team: Cybersecurity is a team effort. Educate your team members about these types of scams and best practices for online safety.
• Report Suspicious Activity: If you encounter a suspicious Zoom call or link, report it to Zoom and relevant cybersecurity authorities.

Staying Vigilant in the Crypto Landscape

The increasing sophistication of cyber threats, particularly those originating from state-sponsored groups like North Korean hackers, demands constant vigilance within the cryptocurrency industry. These hacking attempts using fake Zoom calls are a stark reminder that social engineering and psychological manipulation are powerful tools in the hands of cybercriminals. By staying informed, adopting proactive security measures, and fostering a culture of cybersecurity awareness, crypto founders and the broader crypto community can collectively strengthen their defenses against these evolving threats and navigate the digital landscape more safely. Don’t become the next victim – stay alert, stay informed, and stay secure.