Bitget Turns Crypto Trading Into a Smart Conversation with GetAgent

Kraken, a prominent cryptocurrency exchange, has uncovered a sophisticated infiltration attempt by a North Korean hacker posing as a job candidate. 

The security and recruitment teams advanced the candidate through the hiring process. The aim was to study their strategies and gather crucial insights. 

How a North Korean Hacker Tried to Infiltrate Kraken

Kraken detailed the incident in a recent blog post on May 1. The hacker applied for an engineering role at the exchange, initially appearing as a legitimate candidate, allegedly named Steven Smith. However, several red flags emerged during the hiring process. 

“What started as a routine hiring process for an engineering role quickly turned into an intelligence gathering operation, as our teams carefully advanced the candidate through our hiring process to learn more about their tactics at every stage of the process,” Kraken noted.

The candidate used a different name during the interview and kept switching voices, suggesting coaching. They applied using an email linked to North Korean hackers. 

Moreover, the Open-Source Intelligence gathering (OSINT) investigation uncovered the candidate’s involvement in a network of fake identities.

“This meant that our team had uncovered a hacking operation where one individual had established multiple identities to apply for roles in the crypto space and beyond. Several of the names had previously been hired by multiple companies, as our team identified work-related email addresses linked to them. One identity in this network was also a known foreign agent on the sanctions list,” the blog read.

Additionally, technical inconsistencies in their setup, like using remote, colocated Mac desktops accessed via a VPN and altered IDs, pointed to an infiltration attempt. This information confirmed that the candidate was likely a state-sponsored hacker.

In a final interview with the candidate, Kraken’s Chief Security Officer, Nick Percoco, and some team members confirmed the company’s suspicions. The candidate’s failure to verify their location or answer questions about their city and citizenship revealed them as an impostor.

“Their job is to start employment to steal intellectual property, steal money from those companies, take home a paycheck, and do it in a widespread way,” Percoco told CBS about the hackers.

FinCEN Proposes Ban on Huione Group Over North Korean Ties 

Meanwhile, in another development, the US Financial Crimes Enforcement Network (FinCEN) has proposed banning Cambodia-based Huione Group from the US financial system. The department identified Huione as a key facilitator for North Korean hacker groups, including those involved in cyber heists and “pig butchering” cryptocurrency scams.

“Huione Group has established itself as the marketplace of choice for malicious cyber actors like the DPRK and criminal syndicates, who have stolen billions of dollars from everyday Americans,” Secretary of the Treasury Scott Bessent said.

FinCEN accused the group of laundering over $4 billion in illicit funds between August 2021 and January 2025. According to the department, Huione’s network, including Huione Pay, Huione Crypto, and Haowang Guarantee, is a preferred marketplace for cryptocurrency criminals, offering services such as payment processing and an illicit online marketplace.

“Today’s proposed action will sever Huione Group’s access to correspondent banking, degrading these groups’ ability to launder their ill-gotten gains. Treasury remains committed to disrupting any attempt by malicious cyber actors to secure revenue from or for their criminal schemes,” Bessent added.

These incidents highlighted a pattern of North Korean cyberattacks on the cryptocurrency sector. In 2024, hackers stole over $659 million from crypto firms. 

According to a joint statement from the United States, Japan, and the Republic of Korea, North Korean hackers targeted the industry using tactics like social engineering and malware (e.g., TraderTraitor, AppleJeus). Additionally, North Korean IT workers were identified as insider threats to private sector companies.

Previously, BeInCrypto reports have highlighted the notorious Lazarus Group, a North Korean state-sponsored hacking collective’s involvement in Bybit and Upbit thefts. Moreover, hacker groups from the country were also behind the Radiant Capital hack and the DMM Bitcoin exploit.

In fact, recently, on-chain investigator ZachXBT uncovered significant North Korean involvement in decentralized finance (DeFi) protocols, with some of them relying on nearly 100% of their monthly volume/fees from the Democratic People’s Republic of Korea (DPRK).

The post Kraken Exposes North Korean Hacker Posing as Job Candidate in Bold Infiltration Attempt appeared first on BeInCrypto.

As the SEC is signaling its willingness to approve new altcoin ETFs, 72 active proposals are awaiting a nod. Despite the growing interest from asset managers to launch more altcoin-based products in the institutional market, Bitcoin ETFs currently command 90% of crypto fund assets worldwide.

New listings can attract inflows and liquidity in these tokens, as demonstrated by Ethereum’s approval of ETF options. Still, given the current market interest, it’s highly unlikely that any crypto found will replicate Bitcoin’s runaway success in the ETF market

Bitcoin Dominates the ETF Market

Bitcoin ETFs dramatically changed the global digital assets market over the past month, and they are performing quite well at the moment. In the US, total net assets have reached $94.5 billion, despite continuous outflows in the past few months.

Their impressive early success opened a new market for crypto-related assets, and issuers have been flooding the SEC with new applications since.

This flood has been so intense that there are currently 72 active proposals for the SEC’s consideration:

“There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list or list options. Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x MELANIA and everything in between. Gonna be a wild year,” claimed ETF analyst Eric Balchunas.

The US regulatory environment has become much friendlier toward crypto, and the SEC is signaling its willingness to approve new products. Many ETF issuers are attempting to seize the opportunity to create a product as successful as Bitcoin.

However, Bitcoin has a sizable head start, and it’s difficult to imagine any newcomer disrupting its 90% market share.

To put that into perspective, BlackRock’s Bitcoin ETF was declared “the greatest launch in ETF history.” Any new altcoin product would need a significant value-add to encroach upon Bitcoin’s position.

Recent products like Ethereum ETF options have attracted fresh liquidity. Yet, Bitcoin’s dominance in the institutional market remains unchanged.

Of these 72 proposals, only 23 refer to altcoins other than Solana, XRP, or Litecoin, and many more concern new derivatives on existing ETFs.

Some analysts claim that these products, taken together, couldn’t displace more than 5-10% of Bitcoin’s ETF market dominance. If an event significantly disrupted Bitcoin, it would also impact the rest of crypto.

Still, that doesn’t mean that the altcoins ETFs are a futile endeavor. These products have continually created new inflows and interest in their underlying assets, especially with issuers acquiring token stockpiles.

However, it’s important to be realistic. While XRP and Solana ETF approvals could drive new bullish cycles for the altcoin market, Bitcoin will likely dominate the ETF market by a large margin — given its widespread recognition as a ‘store of value’.

The post 72 Crypto ETFs are Up for Approval, But Bitcoin Holds 90% Of Fund Investments appeared first on BeInCrypto.