Coinbase, one of the largest cryptocurrency exchanges in the world, is renowned for Coinbase fees and other things. However, the company is facing an unwelcome threat of North Korean hackers and things may be more serious than they seem.
Beyond Coinbase Fees
Coinbase fees are rather low and for some customers, that may as well be one of the primary reasons to use the platform. At the same time, no company is without its issues and the same can be said about Coinbase: according to Brain Armstrong, “DPRK [Democratic People’s Republic of Korea] is very interested in crypto.” For fraud, presumably. So much so, say some sources, that the situation is forcing Coinbase to take strong measures to combat the threat of North Korean hackers posing as employees who may want to work on Coinbase fees remotely.
Are North Korean Hackers Attacking Coinbase?
According to sources on the web, Coinbase has had internal discussions about some employees intending to work for them actually being tasked to do so. Brian, CEO of Coinbase, thinks that there may be hundreds of new people who graduate every quarter or so and making the application and “infiltration” of Coinbase their entire goal. Interesting, isn’t it? Some sources also say that the company behind Coinbase fees was one of the primary companies for those mounting phishing attacks against cryptocurrency companies in 2024. Add this to the fact that in May this year Coinbase has announced that a group of rogue overseas agents may be trying to facilitate social engineering attacks to target Coinbase customers and staff, the fact that there were reports of Coinbase employees being asked to accept bribes for information or access to sensitive systems and that someone has allegedly demanded a $20 million ransom from the company behind Coinbase fees too, things are certainly not looking good for the crypto giant.
This is not the only problem either – back in May, the company has confirmed that Coinbase customers had their data stolen. After that, understandably, many users thought that data was protected carelessly and that such actions may lead to deaths of customers who have a lot of money in their wallets since users using cryptocurrency are essentially their own banks:
It remains unknown whether the Coinbase fees breach has led to deaths of its customers, users, affiliates, or partners, however, what’s certain is that Coinbase is under fire by hackers, who, many assume, may be related to or working for North Korea.
According to the FBI, North Korean IT workers have a simple goal: to illicitly generate substantial revenue for the regime in power, and, with cybercriminals like Park Jin Hyok having allegedly stolen more than a billion dollars alone combined with the fact that cryptocurrency transactions are irreversible, such attacks may be a great source of funding for smaller states pursuing their illicit goals.
How is Coinbase Combating the Threat?
The leadership of Coinbase is rather concerned about the threat of North Korean workers infiltrating the company so much so that the company now mandates every employee to attend in-person onboarding or orientation. Not only that, anyone with access to sensitive systems in Coinbase is now required to be a citizen of the United States and agree to be fingerprinted.
According to Brian Armstrong, the company is also taking measures to prevent sensitive information from its systems from being leaked to the outside. Since Coinbase employees have already received offers for disclosing sensitive information, Coinbase makes it clear: if any employees of Coinbase will be caught doing that, they won’t just be fired – they will go to prison.
Will this change the landscape of threats Coinbase deals with? Perhaps, time will tell. For now, stay safe by changing your passwords every now and then, perusing data breach search engines to ensure that your account is not at risk of identity theft, and until next time.
Summary
Coinbase seems to be under fire from North Korean hackers who have the goal of infiltrating the company and extracting sensitive data from its systems. So much so that Coinbase has implemented entire systems to combat the threat and involved fingerprinting too. It remains to be seen whether these actions will protect Coinbase in the long run, but they don’t seem to be working for now. Back in May, Coinbase has already been hacked, and while private keys stayed safe even in the event of a compromise, it wasn’t looking good for the giant.
You can stay safe by using data breach search engines like BreachDirectory.com, changing your passwords often, and employing secure coding practices if you’re a developer.
FAQ
What is Coinbase? Is It Known for Coinbase Fees?
Coinbase is the third biggest cryptocurrency exchange in the world known for its low Coinbase fees, support for many cryptocurrencies, and many other things.
What Does North Korea Have to Do with Coinbase Fees?
It is rumoured that North Korean hackers are posing as remote workers to gain access to Coinbase and sensitive information the company holds.
How Does Coinbase Counter the Threat of North Korean Hackers?
According to sources on the Web, Coinbase’s CEO Brian Armstrong is rebuilding the internal security systems of Coinbase. According to CoinTelegraph, employees of Coinbase may now require to attend training in the United States as well as submit their fingerprints to verify their identity.