Security firm SlowMist has uncovered a new cyber threat involving the Lazarus Group, a North Korea-backed hacking entity, posing as an executive member of Chinese blockchain asset management company Fenbushi Capital on LinkedIn.

According to SlowMist's chief information security officer, the scam involves a fake LinkedIn user named "Nevil Bolson," who claims to be a founding partner at Fenbushi Capital. The profile picture used by the impostor belongs to real Fenbushi Capital partner Remington Ong.

The Block verified that the fake LinkedIn profile created by Lazarus Group is still active. The impostor has been soliciting software developers, urging them to reach out for further discussion.

The Lazarus Group typically engages targets on LinkedIn under false pretenses, often discussing investment opportunities. Once trust is established, the hackers insert malicious links disguised as meeting invitations or event pages, which lead to phishing attacks when clicked.

SlowMist highlighted that Lazarus specifically targets prominent DeFi projects, leveraging the guise of an investment company member to lure victims.

The identification of "Nevil Bolson" as part of Lazarus was based on IP address analysis and consistent attack patterns, according to SlowMist.

It's worth noting that North Korea's state-backed crypto hacker groups have reportedly contributed significantly to the country's foreign currency reserves, with a portion allegedly allocated to weapons development, as per the UN Security Council.

In total, approximately $1.7 billion in funds have been stolen from the crypto space across 231 hacks, according to data from blockchain analytics firm Chainalysis.