Binance Founder Changpeng Zhao Exposes North Korea’s $1.34B Crypto Heist Playbook

North Korea's $1.34 billion crypto theft operation just had its tactics laid bare—straight from Binance's founder.

The Blueprint Unmasked

Changpeng Zhao's revelations detail how state-sponsored hackers systematically bypass security protocols, drain exchanges, and vanish into decentralized networks. They exploit cross-chain bridges, manipulate smart contracts, and leverage privacy coins to obscure fund movement.

Finance's Ironic Blind Spot

Traditional banks still debate blockchain integration while North Korea builds entire economies on stolen digital assets—proving once again that criminals innovate faster than regulators. The $1.34B figure represents not just theft, but a fully operational shadow financial system.

Security wake-up call or business as usual? The market keeps climbing either way.

Binance co-founder Changpeng Zhao (CZ) has warned that North Korean hackers are using increasingly advanced methods to infiltrate cryptocurrency companies. In a recent X post, CZ explained:

“They exploit trust, creativity, and patience to breach platforms and steal user funds.”

According to Chainalysis, North Korean hackers stole around $1.34 billion in crypto in 2024, with both the U.S. and U.N. confirming that the stolen money is being used to help finance North Korea’s weapons program.

These North Korean hackers are advanced, creative and patient. I have seen/heard:

1. They pose as job candidates to try to get jobs in your company. This gives them a “foot in the door”. They especially like dev, security, finance positions.

2. They pose as employers and try to… https://t.co/axo5FF9YMV

Job Applications as a Trojan Horse in Crypto Security Breaches

One of the most common tactics involves posing as job candidates. CZ wrote:

“Hackers often apply for developer, finance, or security positions. Once hired, they have insider access — a long-term foot in the door for future attacks.”

This strategy allows them to embed themselves in organizations and quietly prepare for larger hacks.

Fake Employers and Malware Hidden in Coding Tests

Another tactic is impersonating employers. During fake interviews on Zoom, attackers create staged technical issues and trick employees into downloading malicious “updates.”

CZ explained:

“In some cases, they send ‘sample code’ for a coding test. That code is secretly malware.”

This turns routine recruitment tasks into high-risk entry points.

Customer Support Exploits in Crypto Exchanges

Hackers also pretend to be regular users seeking help. They send links that look legitimate but redirect to infected pages.

“Once an employee clicks, attackers can steal data or even gain direct access to exchange systems,” CZ warned.

Insider Bribery and Outsourced Service Vulnerabilities

Some hackers bypass technical firewalls altogether by bribing employees or targeting third-party vendors.

“In India, hackers breached a major outsourced service provider. Critical data from a U.S. exchange leaked — users lost over $400 million.”

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Social Engineering Attacks: From Screen Sharing to One-Click Hacks

Crypto investor Anndy Lian added his warning on X:

“Hackers don’t always need files for you to click. Just sharing your screen can give them the access they need.”

CZ agreed, adding that even one-click hacks — like the rumored Jeff Bezos phone breach — prove how dangerous a single LINK can be.

Community members echoed these concerns. One investor wrote:

“I lost my Instagram account after clicking a link. The hackers took over instantly.”

Lian himself revealed he permanently lost his original Instagram account this way, underscoring how hard recovery is once control is lost.

North Korea’s Lazarus Group and Global Crypto Theft

The Lazarus Group, North Korea’s state-backed hackers, has been behind billions in stolen crypto over the past decade. According to Chainalysis, they stole nearly $1.7 billion in 2022, with hundreds of millions more in 2023 and 2024.

Reports suggest 2025 is already on track to see massive thefts linked to these groups.

CZ ended his post with a clear reminder:

“Stay SAFU. Awareness and discipline are still the best defenses against these persistent threats.”

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FAQs

They pose as job seekers, fake employers, or users, using malware, phishing links, and insider bribery to breach crypto platforms.

Stay cautious, avoid clicking unknown links, verify employers, and never share screens to keep your crypto safe.

The Bybit hack in February, where North Korean hackers stole $1.5 billion in ethereum from a cold wallet, marking the largest in history.