Several crypto execs confirm they’ve been recent targets of the scam
North Korean hackers are reportedly using fake Zoom meetings as a new tactic to infiltrate cryptocurrency companies and steal sensitive data. At least three crypto founders have identified and stopped recent attempts by scammers posing as potential business partners. The method, which has already led to millions of dollars in losses for unsuspecting victims, involves tricking targets into joining fraudulent video calls.
Having audio issues on your Zoom call? That's not a VC, it's North Korean hackers.
Fortunately, this founder realized what was going on.
The call starts with a few "VCs" on the call. They send messages in the chat saying they can't hear your audio, or suggesting there's an… pic.twitter.com/ZnW8Mtof4F
— Nick Bax.eth (@bax1337) March 11, 2025
Security expert Nick Bax, a member of the white hat hacker group the Security Alliance, detailed how these scams operate. Attackers first reach out to a target with an invitation for a business discussion.
Once the meeting begins, they claim to be experiencing audio issues while displaying a stock video of a venture capitalist. To continue the call, they then send a link to a different meeting platform, which is actually a trap designed to compromise the victim’s device.
David Zhang, co-founder of the stablecoin company Stably, recounted how he was nearly caught in the scheme. The scammers initially used his Google Meet link before making an excuse about an internal meeting and requesting he switch to their platform. He joined from a tablet and did not experience anything unusual but suspected the fake call was designed to install malicious software on desktop devices.
Another founder, Melbin Thomas of Devdock AI, also encountered the scam. While he avoided entering his credentials, he was unsure if his system remained at risk after disconnecting his laptop and performing a factory reset.
Authorities in the US, Japan, and South Korea have warned about the increasing cyber threats from North Korean hacking groups, particularly in the crypto industry. Groups like Lazarus have been linked to some of the largest cyber thefts, using cryptocurrency mixers to obscure stolen funds. These latest phishing attempts highlight the ongoing risks faced by Web3 businesses and the need for heightened security measures.
