Why America's New Cyber Privateers Can't Go After North Korea
Unchained | Oct 27 2026 | 00:55:13
Can the US fight AI-powered hackers and North Korea by deputizing its private sector? Two government veterans explain why the answer is yes and no.
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— Laura
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North Korea has stolen more than $1 billion in crypto this year, AI-driven ransomware attacks have run with no human in the loop, and a single week exposed weak keys and bugs buried in old internet infrastructure. One answer gaining traction in Washington dates to the age of sail: privateering.
Chris Giancarlo, former chairman of the CFTC and author of The New Adventures of CryptoDad, proposed reviving letters of marque and reprisal in a Cointelegraph op-ed with Chris Perkins, then pitched it at a White House crypto summit. Giancarlo and Ari Redbord, global head of policy at TRM Labs, join Laura Shin to unpack the August presidential memo that followed.
They cover why the memo lets vetted contractors target scam compounds, cartels, and ransomware gangs but leaves Lazarus Group to the government, how the Prince Group's $15 billion forfeiture shows stolen funds can be clawed back, and how deepfake interviews put DPRK IT workers inside US companies. The final question: does hitting back make the problem bigger?
Host:
Laura Shin, Host / Unchained
Guest:
J. Christopher Giancarlo - Former Chairman of the US CFTC
Ari Redbord - Global Head of Policy at TRM Labs
Timestamps
🎬 00:00 Intro
📋 01:01 Unchained Survey: take the listener survey for a free month of Premium at https://unchainedcrypto.com/survey
🎙️ 02:02 Find Bits + Bips’ new channels and subscribe at https://www.youtube.com/@Bitsandbips
🚨 02:40 Why Redbord says AI-run ransomware is now a civilization-level threat
📜 05:29 Letters of marque: how Giancarlo and Perkins proposed reviving them
💰 10:24 Nexo: Generate daily interest on your crypto or borrow funds against your assets at https://unchainedcrypto.com/go/nexo-podcast-yt
🏛️ 11:14 How crypto privateering went from an op-ed to a White House memo
🛑 16:50 Why the memo bars privateers from going after Lazarus Group
🕸️ 23:04 What hacking back looks like: scam compound infrastructure and clawbacks
🔓 35:24 PHP bugs and weak eMudhra keys: privateering as risks multiply
🇰🇵 42:14 North Korea: why the government, not privateers, pulls the trigger
🎭 48:59 How companies can catch North Korean IT workers using deepfakes
Learn more about your ad choices. Visit megaphone.fm/adchoices
========================================================
Thank you to our sponsor!
Put your crypto to work with Nexo: earn daily interest or borrow funds against your assets on one platform trusted by more than 10 million clients.
Find out more at https://unchainedcrypto.com/go/nexo-podcast-sn.
Geo-restrictions, eligibility and terms apply.
========================================================
Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for. Our listener survey takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18.
— Laura
========================================================
North Korea has stolen more than $1 billion in crypto this year, AI-driven ransomware attacks have run with no human in the loop, and a single week exposed weak keys and bugs buried in old internet infrastructure. One answer gaining traction in Washington dates to the age of sail: privateering.
Chris Giancarlo, former chairman of the CFTC and author of The New Adventures of CryptoDad, proposed reviving letters of marque and reprisal in a Cointelegraph op-ed with Chris Perkins, then pitched it at a White House crypto summit. Giancarlo and Ari Redbord, global head of policy at TRM Labs, join Laura Shin to unpack the August presidential memo that followed.
They cover why the memo lets vetted contractors target scam compounds, cartels, and ransomware gangs but leaves Lazarus Group to the government, how the Prince Group's $15 billion forfeiture shows stolen funds can be clawed back, and how deepfake interviews put DPRK IT workers inside US companies. The final question: does hitting back make the problem bigger?
Host:
Laura Shin, Host / Unchained
Guest:
J. Christopher Giancarlo - Former Chairman of the US CFTC
Ari Redbord - Global Head of Policy at TRM Labs
Timestamps
🎬 00:00 Intro
📋 01:01 Unchained Survey: take the listener survey for a free month of Premium at https://unchainedcrypto.com/survey
🎙️ 02:02 Find Bits + Bips’ new channels and subscribe at https://www.youtube.com/@Bitsandbips
🚨 02:40 Why Redbord says AI-run ransomware is now a civilization-level threat
📜 05:29 Letters of marque: how Giancarlo and Perkins proposed reviving them
💰 10:24 Nexo: Generate daily interest on your crypto or borrow funds against your assets at https://unchainedcrypto.com/go/nexo-podcast-yt
🏛️ 11:14 How crypto privateering went from an op-ed to a White House memo
🛑 16:50 Why the memo bars privateers from going after Lazarus Group
🕸️ 23:04 What hacking back looks like: scam compound infrastructure and clawbacks
🔓 35:24 PHP bugs and weak eMudhra keys: privateering as risks multiply
🇰🇵 42:14 North Korea: why the government, not privateers, pulls the trigger
🎭 48:59 How companies can catch North Korean IT workers using deepfakes
Learn more about your ad choices. Visit megaphone.fm/adchoices