Security Briefing: The lowdown on surprise attacks and duress wallets
Bitcoin exists in cyberspace but that doesn't mean you can't be targeted in meatspace, too. Learn how to protect your bitcoin from surprise attacks...
In-person Tether trade turns into ambush for Singapore man
On August 29, a Singapore crypto trader planned on converting 32,000 Singapore dollars (about $24,500) into Tether, a dollar-pegged stablecoin.
Then, two men who looked like passersby ambushed him, punched him in the cheek, and pursued him through a mall, according to Singapore media outlet Mothership.
The rendezvous originated through Telegram, and the victim had not conducted business with the seller before. His goal was to reduce trading fees by transacting in person.
🔑 Key Insight: In-person trades were common in bitcoin's early days, but they're just as risky now as they were then. Unless you plan on taking your own security detail with you, it's best to stick to exchanges or OTC desks. Stranger danger is real.
Reports: North Korean hackers aggressively targeting crypto industry
North Korean hackers have cranked up the pressure lately on crypto enthusiasts and employees in the industry.
In late August, Microsoft shared a threat intelligence report on a zero-day exploit on Chromium browsers (Brave, Google Chrome, Microsoft Edge) tied to North Korean hacking group Citrine Street. The hackers are believed to use social engineering tactics to entice victims before deploying a trojan.
"The threat actor creates fake websites masquerading as legitimate cryptocurrency trading platforms and uses them to distribute fake job applications or lure targets into downloading a weaponized cryptocurrency wallet or trading application based on legitimate applications," Microsoft wrote.
The FBI shared a public service announcement Tuesday in which it advised that North Korean attacks were capable of compromising victims with "sophisticated technical acumen"and "those well versed in cybersecurity practices."
How sophisticated are these attacks? The actors can refer to personal information, professional connections, and other relationships while speaking fluent English.
🔑 Key Insight: Trying to stay ahead of hackers is security whack-a-mole. You spend a small fraction of the time planning your security that they do breaking it. The only way to win is to eliminate single points of failure, so when one factor is pwned, you don't lose your money.
Jameson's take: Can duress wallets stop physical attacks on your bitcoin?
Can you negotiate with a criminal who has tracked you down to rob you of your bitcoin?
Duress / decoy wallets are one such tactic sometimes recommended to bitcoiners traveling and at home, but can you really count on them? Here are some thoughts on the reliability of this strategy to mitigate physical attacks.
Jameson Lopp
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