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Crypto Founders Warn of Fake Zoom Scams Linked to North Korean Hackers
Last Updated: March 13, 2025
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Key Takeaways
- Hackers pose as investors on fake Zoom calls, attempting to trick crypto founders into installing malware;
- Scammers use fake video feeds and audio issues to push targets into downloading harmful software;
- Crypto leaders warn against last-minute meeting link changes and suspicious software downloads.
Crypto entrepreneurs have recently shared warnings about a scam where attackers pose as potential business partners on video calls to trick people into downloading harmful software.
Reports suggest that these scams are linked to North Korean hackers using realistic Zoom calls and misleading messages to gain access to sensitive information.
Nick Bax, a cybersecurity expert from the white hat group Security Alliance, explained in a March 11 post on X that this tactic has led to millions in losses.
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The scammers typically invite targets to a business meeting or investment pitch. Once the call starts, a fake video plays while they claim to have audio problems. They then send a new link, which urges the target to install a software patch to fix the issue.
Following Bax’s post, multiple crypto founders shared their experiences. David Zhang, co-founder of the stablecoin company Stably, stated that the scammers first used his actual Google Meet link but later pushed him to switch to their meeting, claiming an internal discussion required the change.
Zhang took the call on his tablet and later reflected, "The site acted like a normal Zoom call. I took the call on my tablet though, so not sure what the behavior would’ve been on desktop". He suspected the scam worked differently on various devices.
Giulio Xiloyannis, co-founder of Mon Protocol, also encountered the scam. He said scammers tried to lure him and his marketing lead with a partnership offer.
The red flag appeared when they were asked to switch to a different Zoom link that pretended to detect an audio issue, which prompted them to install malware.
Recently, nine residents of Kent, England, lost over $1.2 million in a crypto scam. How did hackers pull this off? Read the full story.
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