Cryptocurrency Investors Could Be Targeted by North Korea

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If you’re a cryptocurrency investor, you already have the right to be concerned about the market, growing regulations, and watching once trusted providers go belly up. According to cyber security experts, cryptocurrency investors around the world could be targeted by North Korea in the near future.

And It All Started in South Korea

Recently, cryptocurrency investors and exchanges in South Korea were the targets of malware attacks. Experts worry that the scam will move to other areas in the world if South Korea goes through on their idea to ban cryptocurrency trading. When South Korea announced its intention to ban cryptocurrency, police and tax authorities raided exchanges and accused them of tax evasion.

Justice Minister Park Sang-ki stated, “There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges.”

North Korean Hackers May Look Abroad to Scam Cryptocurrency Investors

According to the cyber security form Recorded Future, most of the North Korea’s malware attacks have targeted South Korea, but they will likely move on to target cryptocurrency investors around the world. It’s important for those interested in cryptocurrency stay on top of malware and other threats to minimize the chance of losing their investment.

One current scam allegedly perpetrated by North Korea was creating fake accounts that appeared to be associated with Coinlink and other cryptocurrency agencies. They would use those accounts to impersonate the companies. North Korean scammers relied on unsuspected people providing them with their login credentials.

Following Basic Cyber-Security Protocols May Help Protect Your Account

While hackers continue to use more sophisticated means to get what they want, following basic cyber-security protocols may help protect your cryptocurrency account. First, make sure that your computer’s security suite is updated. You should also make sure that you’ve installed all required updates.

When you check your email or social media accounts, don’t provide your user name and password to anyone. Consider this: when you call your Internet provider or your electric company, they verify your identity, but they never ask for your online person. Why not? Because they already have access to the account. They don’t need your password. They use verification measures to ensure that you are who you say you are. Keep your log-in credentials private. It could very well protect your investment.