Coinbase vs. North Koreans: The In-Person Orientation Solution

Coinbase is requiring in-person orientations to combat North Korean IT workers seeking jobs at US companies. Is this the solution to crypto theft?

Coinbase is cracking down on North Korean IT workers trying to infiltrate US companies! Their solution? In-person orientations. Let's dive into why and how Coinbase is taking this unique approach.

The North Korean Crypto Threat

North Korea has a long history of stealing cryptocurrency, allegedly swiping $1.4 billion from Bybit earlier this year. The FBI and cybersecurity vendors have uncovered North Koreans infiltrating hundreds of companies through freelance IT work and remote jobs. Coinbase is a prime target, making security paramount.

Coinbase's In-Person Orientation Mandate

To combat this threat, Coinbase is now requiring all new hires to visit their offices in person for orientation. CEO Brian Armstrong mentioned on the "Cheeky Pint" podcast that this measure aims to discourage North Korean IT workers from securing jobs at the exchange. They will still conduct remote interviews, but job candidates must turn on their cameras and "prove they're not AI." Armstrong also said that anyone with sensitive access must be a US citizen with family in-country.

Locking Down Security

Coinbase has already suffered breaches, including bribed customer support staff leaking information. They've responded by locking down access for customer support agents, moving more operations to the US and Europe, and warning employees of prosecution for violations.

Is It Enough?

While in-person orientations seem like a solid start, the question remains: is it enough? It's certainly a deterrent, but determined individuals may still find ways to circumvent the system. Continuing to bolster internal security and monitoring remains critical. Whether or not other companies will follow suit remains to be seen, but it could start a new trend in the industry.

Final Thoughts

Coinbase's move is a bold step in the ongoing battle against cyber threats. While there's no silver bullet, this in-person approach adds another layer of security. Who knew that face-to-face meetings could be the next big thing in crypto security? It's a wild world out there!