The crypto market is on the rise and is estimated to become as big as the stock market in the coming years. The reason behind this is the market’s unregulated nature. Some might say that the landscape is where modern-day outlaws reside and mask their activities.
Still, job opportunities in the crypto world are attractive, and many people are seeking to enter. The reason is the appeal of a brighter future and easy money. However, this is also where outlaws have sunk their claws in.
In May 2025, a statement shared by Kraken, a leading crypto exchange, highlighted a latent risk that can become huge for firms. According to reports, the firm stated that developer Steven Smith is not who he says he is. He is a North Korean hacker trying to breach Kraken’s security by siphoning tokens and cash.
The Fake Application
At this time, the threat of the Lazarus group was still fresh. As a result, this statement released by Kraken managed to capture people’s attention. This started a whole new chapter for crypto security.
Kraken’s security team, led by Nicholas Percoco, Chief Security Officer, allegedly went through with the interview process even after knowing the truth. According to Percoco, the individual was barraged with questions, and soon, the veil moved.
Kraken managed to document the whole incident and upload it online. Therefore, it exposes the clear lapses in the security array that North Korea and other hacker groups are trying to exploit.
