Ethereum Foundation, Watch Out! Top Influencer Warns of North Korean Threat

As a seasoned crypto investor with a keen eye for spotting red flags, I find Ryan Sean Adams’ warning about North Korean IT workers infiltrating cryptocurrency projects quite alarming. Having been burnt once or twice by anonymous developers who turned out to be less than honest, I can attest to the importance of transparency in this industry.


Recently, Bankless founder Ryan Sean Adams raised concerns about North Korean information technology (IT) specialists potentially infiltrating various cryptocurrency initiatives.

It’s been predicted by Adams that the era of unknown creators in the field of cryptocurrency could soon be drawing to a close.

He thinks that not even big entities like the Ethereum Foundation are exempt from facing these types of risks.

The warning comes following the investigation by the Coindesk media outlet, which revealed that plenty of cryptocurrency projects unknowingly hired workers from North Korea. 

The extensive list of affected projects includes Cosmos, SushiSwap, and Yearn Finance. 

Workers from North Korea devised what appeared to be authentic identification documents and active GitHub accounts, which they used to successfully obtain positions at cryptocurrency companies.

At one point, an IT worker from North Korea, pretending to be Japanese, was discovered because of his distinctive accent.

This year, it was unveiled by the United Nations Security Council that a significant number of North Korean workers had successfully penetrated various tech firms based in the West.

The council also estimated that the Hermit Kingdom had stolen more than $3 billion worth of crypto.

The notorious hacking collective believed to be controlled by the North Korean government, known as Lazarus Group, has been linked to the high-profile cyber heist of approximately $625 million from the Ronin Bridge.

The stolen crypto is used for financing the country’s nuclear and ballistic missile program. 

As a researcher examining the geopolitical landscape, I find myself delving into the complexities surrounding North Korea’s nuclear weapon development. This exploration leads me to a crucial point: North Korea has been subjected to multiple international sanctions aimed at curbing this specific area of advancement.

cryptocurrency plays a significant role as the primary source of income for North Korea, supplemented by activities such as producing fake goods, weapons trading, and various illicit operations, which they use to fund their nuclear development efforts.

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2024-10-02 22:08