Cybersecurity expert ZachXBT’s recent tweets suggest a sophisticated scheme involving North Korean IT workers posing as crypto developers is taking place.
The operation led to the theft of $1.3 million from a project’s treasury and exposed a network of over 25 compromised crypto projects active since June 2024.
ZachXBT’s research strongly suggests that a single entity in Asia, likely operating out of North Korea, is receiving $300,000 to $500,000 per month by working simultaneously on over 25 crypto projects using fake identities.
The theft and laundering scheme
The incident began when a publicly anonymous team reached out to ZachXBT for help after $1.3 million was stolen from their treasury. Unbeknownst to them, they had hired multiple North Korean IT workers who used fake identities to infiltrate the team.
The stolen funds, totaling $1.3 million, were quickly laundered through a sequence of transactions, including transferring to a theft address, bridging from (SOL) to Ethereum (ETH) via deBridge, depositing 50.2 ETH to Tornado Cash, and ultimately transferring 16.5 ETH to two differ
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Author: Micah Zimmerman
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