North Korea crypto hacking industry
by Kelsey7f: North Korea
Making self-custody look risky actually helps holders of alternative assets. It turns that system into a goldmine for bad actors. Think about North Korea, which exports very little and doesn't need to. They can just social engineer four people out of a DeFi protocol multisig to grab $100 million. That single sum supports their GDP for an extended period. If they repeat the attack or breach an exchange, they pull in billions. This creates enormous motivation to invest research and development into social engineering and smart contract exploits. Crypto hacking may be one of North Korea's largest industries. h/t
Transcript (en)
Do you feel like there's anyone who stands to benefit from self-custody getting attacked over and over again, whether it has been? Oh, interesting. I mean, if we're getting really conspiratorial, yeah, for sure. I mean, like I said, capital, like, prices risk, right? And so the riskier you make one thing seen, the person holding the other end benefits. And so, for sure. I would also say, like, you know, there are bad actors in this world. and like self-custody is a goldmine for these bad actors. Like think about North Korea, right? I think about the industry in North Korea. Like how much export do you think they're doing to like other countries per year? Like I'm gonna tell you it's probably not that much, but they can social engineer like four dudes out of a multi-sig at some DeFi protocol and they make a hundred million dollars. Like that's an entire industry for that country. That supports their GDP for like a long time. And then they repeat that and then they get billions in like an exchange attack. like these guys there is an enormous motivation for these people to you know do social engineering exploits or smart contract exploits to invest all of their r&d in their country specifically into attacking these problems because it's enormously lucrative here we talk bitcoin all coins and whatever crypto twitter is arguing about this week so if you're in that world too hit that follow button
