- North Korean hackers are infiltrating European blockchain firms by posing as freelancers, using fake IDs, and exploiting job platforms.
- Cyberattacks on crypto projects surged 131% in Q1 2025, causing $1.63 billion in losses as hackers shift to new strategies.
- DeFi and Layer-2 protocols face rising security threats as phishing, contract exploits, and hot wallet breaches drain millions.
North Korean hackers are increasingly attacking European blockchain companies. Google has warned that IT professionals linked to North Korea are posing as freelancers in order to access companies. This is of concern on the issues of espionage, data theft, and cyberattacks. The hackers were targeting American companies before, but now they have shifted to Europe.
North Korean Hackers Target European Blockchain Firms
Google’s Threat Intelligence Group has identified a growing trend of North Korean IT professionals creating fraudulent identities. These individuals use platforms like Upwork, Telegram, and Freelancer to secure jobs. They receive payments in cryptocurrency to avoid detection. According to Jamie Collier, a Google Threat Intelligence adviser, these hackers have adapted due to increased awareness in the United States.
Moreover, investigators found fabricated resumes listing Serbian universities and fake residences in Slovakia. Hackers also use European time zones during communication to appear legitimate. Some even acquire false passports to secure employment or open bank accounts. This sophisticated network enables them to penetrate blockchain projects, particularly those involving Solana, Anchor/Rust smart contracts, and MERN-based job marketplaces.
Cryptocurrency Attacks Surge in Early 2025
In the first quarter of 2025, cyberattacks on cryptocurrency projects resulted in $1.63 billion in losses. A report from blockchain security firm PeckShield revealed over 60 breaches in three months. Compared to $706 million lost in Q1 2024, this marks a 131% surge in damages.
March 2025 alone saw 20 attacks on crypto firms, causing losses of $33.46 million. Five significant incidents included Abracadabra.money ($13 million), Zoth ($8.32 million), 1inch ($5 million, with 90% recovered), Hyperliquid ($4 million), and WeKey ($700,000). Besides these attacks, February 2025 recorded losses of $1.51 billion, surpassing previous DeFi attack records from 2022.
Consequently, centralized exchanges and Layer-2 protocols have become prime targets. To steal assets, hackers employ phishing, smart contract exploits, and hot wallet intrusions. Consequently, the cryptocurrency sector is confronted with growing security risks that necessitate prompt remedial actions.
