Here’s how North Korean “IT workers” tricked their crypto employers
As US law enforcement announced charges against four North Korean "IT workers," more details have emerged on how the suspected crypto thieves operated.
By Cybernews
As US law enforcement announced charges against four North Korean "IT workers," more details have emerged on how the suspected crypto thieves operated.
In the US, Kim Kwang Jin, Kang Tae Bok, Jong Pong Ju, and Chang Nam have been accused of stealing and laundering more than $900,000 in crypto assets after tricking their employers into hiring them.
Here's how it all went, according to the US attorneys and the FBI.
In 2019, North Korean operatives moved to the United Arab Emirates and, in the following years, used false identities to get hired as developers by an undisclosed Atlanta, Georgia-based blockchain research and development company, as well as a Serbian virtual token company.
At first, two of them were hired, while another "operative" joined the Serbian company later on a recommendation from the previously hired North Korean.
Next, once trust within the company was established, two suspects started working on projects that gave them access to their employers' crypto assets. As a result, in February 2022, Jong Pong Ju allegedly stole crypto, which was worth approximately $175,000, while in March 2022, Kim Kwang Jin modified his employer's smart contracts and stole around $740,000 in crypto assets.
According to law enforcement, while three North Koreans were hired, the fourth defendant helped them launder the funds after they were cleaned via a crypto mixer and sent to a crypto exchange. The attorneys said accounts were opened using fraudulent Malaysian identification documents.
"To generate revenue for the regime, the Democratic People’s Republic of Korea dispatches thousands of skilled IT workers around the world to deceive and infiltrate American companies," the announcement concluded.
In related news, the Spanish Guardia Civil, with the support of Europol and law enforcement from Estonia, France, and the US, said it has arrested five members of a criminal network engaged in a €460 million crypto investment fraud that had over 5,000 victims around the world.
