North Korean Cyber operatives utilized over thirty false identities to infiltrate and participate in cryptocurrency initiatives.
In a chilling revelation, it has been uncovered that North Korean IT operatives have been using sophisticated social engineering and technical tools to infiltrate the world of cryptocurrency.
The operatives, who have been linked to multiple crypto heists and malware attacks, have been creating and using dozens of fake identities. These identities are backed with purchased government IDs, professional accounts on platforms like LinkedIn and UpWork, and even Social Security numbers and phone numbers to appear legitimate.
Once they have secured positions within crypto firms, either as blockchain developers or smart contract engineers, they use remote access tools like AnyDesk to perform work or maintain access, and employ virtual private networks (VPNs) to conceal their true locations and avoid detection. They also rent computers and utilize Google products to facilitate their operations remotely.
A notable example of their activity was the hack of the fan token market Favrr in June 2025, which resulted in a loss of $680,000. Analysis of their search history revealed frequent use of Google Translate for Korean-language content, suggesting their activity was conducted through a Russian IP address.
This approach allows them to infiltrate crypto projects from within and orchestrate large-scale thefts. In fact, their activity was confirmed to be linked to the $1.4 billion Bybit exchange hack earlier in the year.
The breach implicated the project's chief technology officer and several developers, with ZachXBT linking a commonly used ERC-20 wallet address (0x78e1) to the Favrr exploit in June 2025.
This strategy combines sophisticated social engineering with technical tools, enabling the North Korean operatives to embed themselves inside crypto ecosystems and conduct major crypto thefts while masking their North Korean origin.
This revelation serves as a reminder of the evolving threats within the cryptocurrency industry. It emphasizes the need for heightened vigilance and robust security measures across all blockchain projects.
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