High-net-worth individuals in the cryptocurrency industry, including former Binance CEO Changpeng Zhao (CZ), have become prime targets of state-backed attacks in a record year of digital asset theft.
In 2025 alone, losses from exchanges and wealthy individuals are expected to reach billions of dollars, sparking widespread concern about growing state-sponsored cyber threats.
Google Warns CZ of a State-Backed Attack — Is North Korea Behind It?
In a recent post on X, Changpeng Zhao (CZ) , former CEO of Binance, publicly revealed a security warning from Google that suggested a possible government-backed attack was attempting to infiltrate his account.
Zhao noted that this warning appears infrequently, causing a backlash from the community. Cryptocurrency analyst Neel Kukreti described it as a rare Google notification, usually reserved for those who handle sensitive information such as journalists or researchers.
“It’s not always an actual attack, but it’s better to be safe than sorry. You might be fine, but it’s best to pay attention because these warnings don’t come out for no reason,” he said .
Furthermore, Google describes these alerts as cautionary. According to the company's blog, these alerts have been issued since 2012 as a precaution when there is evidence of government-backed attacks.
“This notice reflects our assessment that a government-backed attacker likely attempted to access a user's account or computer through phishing or malware, for example,” Google clarified .
They were sent in batches to at-risk users and do not imply actual intrusion or identify any specific government involved.
North Korean hackers drive record cryptocurrency thefts in 2025
Meanwhile, CZ speculated that Lazarus Group — a state-sponsored hacker group operating under the direction of North Korea's General Reconnaissance Bureau — could be behind the attack attempt. The group is known for targeting cryptocurrency companies and services . They were also responsible for the massive Bybit hack earlier this year .
Zhao's speculation may not be unfounded, however. According to security firm Elliptic, North Korean hackers are no longer just focusing on exchanges and companies, but have started targeting wealthy individuals in the cryptocurrency sector .
“As cryptocurrency prices rise, individuals become more attractive targets, often lacking the security measures that businesses employ. Some of these individuals are also targeted due to their association with businesses that hold large amounts of cryptocurrency assets, which hackers are seeking to steal,” the report said.
The growing focus on individual investors reflects a broader escalation in North Korean cyber activity this year. In 2025, North Korean hackers stole more than $2 billion in cryptocurrency assets.
This is the highest annual total to date, according to Elliptic, bringing the total known assets of the regime to more than $6 billion. Officials believe the money supports North Korea's military programs.
“The thefts are a record for regime-linked hackers, which now account for about 13% of North Korea's gross domestic product (GDP), according to UN estimates,” the BBC reports .
North Korea's Cryptocurrency Theft in 2025. Source: EllipticAs the damage mounts, crypto experts and investors are facing urgent calls to strengthen digital protections. High-profile incidents like Google’s warning to CZ show that even the most prominent figures in the crypto space are vulnerable to sophisticated, state-backed adversaries.
