Cybersecurity
North Korean Hackers Stalk Crypto Startups Scrimping on Security
- Exploits surge as cash-strapped projects forgo safety checks
- Demand for more expensive blockchain audits has cooled
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It’s every cryptocurrency project’s nightmare: Well-resourced hackers — perhaps backed by a rogue state like North Korea — strike out of nowhere, dismantling cyber defenses and making off with millions of dollars in customer funds.
Many crypto outfits, large and small, have suffered permanent damage this way. Yet across the industry, startups strapped for cash after a prolonged funding drought have cut security spending even as soaring digital-asset prices tempt hackers, according to firms that sift through code for weaknesses.