Binance Security Officer Explains the Biggest Threat Facing Cryptocurrencies

Binance’s Director of Security, Jimmy Su, stated that North Korean hackers are the biggest threat facing the cryptocurrency industry and that they target the company with fake job applications every day.

According to Su, attackers disguise themselves during job interviews using voice-altering and deepfake technologies. They also conduct attacks using methods such as poisoning open-source code (e.g., NPM) and posing as fake recruiters offering high-paying jobs.

“The biggest attack vector against the crypto industry right now is state-backed hackers, particularly North Korea and the Lazarus Group. They’ve focused on crypto for the last two or three years and have been quite successful,” Su said in a statement. The Binance executive noted that in almost all major North Korean-origin cyberattacks, a rogue employee has been involved in the attack.

The North Korea-based Lazarus Group is known as one of the world’s most active and dangerous hacking groups. According to the FBI, the group is responsible for the March attack on the Bybit exchange, which caused $1.4 billion in losses and is considered the largest crypto hack in history.

Su said Binance receives a large number of fake resumes every day, believed to be prepared by North Korean attackers, and these are often identified by specific templates. However, if the fake applications make it past the initial stage, verifying the candidates’ authenticity through video interviews becomes difficult.

*This is not investment advice.