Suspected North Korean IT workers joined a fake crypto startup — without realizing their every move was being tracked to extract valuable intel. It isn’t often that a reporter gets asked to pose as a venture capitalist to fool suspected North Korean IT workers. But in June, I found myself joining a Zoom call as “Aelin Ashriver,” an investor from the fictitious Definitive Communications, to meet the development team of crypto startup Ballena Azul. The IT workers on the call believed they were pitching for VC backing for their startup. In reality they had spent weeks working inside a fake crypto company set up purely to study their methods and infrastructure by Mauro Eldritch, founder of cybersecurity firm BCA LTD, and Heiner García, a cyber threat intelligence analyst at Telefónica Tech and founder of NorthScan. Read more
A fake police raid enabled a $1 million Bitcoin robbery, exposing the rise of wrench attacks and the shift from digital hacks to physical crypto threats. Crypto security is expanding beyond digital threats, with criminals increasingly targeting individuals directly through physical coercion rather than trying to exploit blockchain vulnerabilities or hack wallets. The French case illustrates how attackers used a fake police raid and violence to force a Bitcoin transfer worth $1 million, bypassing encryption entirely by compelling the victim to authorize the transaction. Wrench attacks are rising, with criminals using threats or force instead of technical exploits. This highlights how human vulnerability can override even the most secure cryptographic systems. Read more
A spoofed CoinDCX site sparked a 7.16 million rupee fraud case, triggering arrests before a court ruled the exchange was impersonated Impersonation scams can be low-tech yet highly effective, using fake websites that closely mimic trusted cryptocurrency platforms to deceive users. The CoinDCX case shows how a 7.16 million rupee fraud complaint escalated into legal action before it was identified as an impersonation case. The fake domain coindcx.pro, not the real platform, was used to mislead the victim and carry out the fraud. Read more