CISA and FBI warn the crypto firms about the North Korean cyberattacks

The Federal Bureau of Investigation (FBI) has joined hands with the Cybersecurity and Infrastructure Security Agency (CISA) to issue a warning to crypto investors about the North Korean state-sponsored cyberattacks that target blockchain-powered companies in response to last month’s Ronin Bridge.

The two agencies issued the alert on Monday with mitigation suggestions and warnings for blockchain and crypto companies for ensuring the safety of their operations.

With the @FBI, and @USTreasury, we released a new cybersecurity advisory on North Korean state-sponsored activity targeting blockchain technology and the cryptocurrency industry. Read the technical guidance and mitigation strategies: https://t.co/Oio478Ouv3 pic.twitter.com/VLa3HUrsPY

— Cybersecurity and Infrastructure Security Agency (@CISAgov) April 18, 2022

The CSIA believes that the pace of thefts will not decrease very soon, citing the use of spear-phishing and malware by criminals to steal crypto funds.

Kim Jong Eun’s adamant refusal to give up his nuclear weapons development prompted the United States to impose some of the most severe economic sanctions ever imposed on his country. As a result, he has turned to cryptocurrency to fund his nuclear weapons program, as his usual funding flows have been almost cut off.

Mitigations for protection against cyber attacks

The report states that the North Korean state-sponsored cyberattacks use a full set of methods and techniques to “exploit computer networks of interest, acquire sensitive cryptocurrency-intellectual property, and gain financial assets.” 

It outlines some of the important mitigations that the U.S. government recommends implementing to protect critical infrastructure organizations and financial sector organizations in the blockchain and crypto industry. Here is the list:

• Apply a defense-in-depth security strategy
• Implement patch management
• Enforce credential requirements and multifactor authentication
• Educate users on social engineering on social media and spear phishing
• Implement email and domain mitigations
• Endpoint protection
• Enforce application security
• Be aware of third-party downloads—especially cryptocurrency applications
• Create an incident response plan to respond to possible cyber intrusions

The FBI always tries to issue warnings against such malicious actors and cyberattacks to protect the funds of the companies and individual investors in the industry. In February, it warned people about a crypto romance scheme. It has also formed a special team to address the issue of crypto exploitation, as TheCoinRise reported.