According to the FBI, a group of hackers linked to North Korea recently conducted a crypto heist on the Horizon bridge, resulting in a theft of $100 million. This incident highlights the extent to which North Korea is using stolen crypto funds to support its nuclear weapons programs. In fact, from January to August 18 of this year, North Korean hackers have stolen $200 million worth of cryptocurrencies, accounting for over 20% of all crypto thefts in 2022.
TRM Labs, a blockchain intelligence firm, conducted a discussion with North Korea experts and identified a rise in cyber attacks against cryptocurrency-related businesses by North Korea. This shift towards cyber attacks suggests that North Korea is increasingly relying on such activities to finance its weapons proliferation efforts.
Chainalysis, a crypto research company, released a report confirming that most experts agree that the North Korean government uses the stolen assets to fund its nuclear weapons programs. The United Nations has imposed multiple sanctions on North Korea since its first nuclear test in 2006 in an attempt to limit the regime’s access to funding sources for its nuclear activities.
The FBI has warned crypto companies about North Korea-linked hackers planning to “cash out” $40 million worth of crypto. The agency also continues to identify and disrupt North Korea’s theft and laundering of virtual currencies, which are used to support the regime’s ballistic missile and Weapons of Mass Destruction programs.
North Korea’s economic stress due to international sanctions has pushed them to explore more efficient ways to make money. The stolen crypto funds not only directly support the regime’s programs but also free up additional funds for other purposes.
These North Korea-affiliated hackers exploit vulnerabilities in the crypto ecosystem through phishing, supply chain attacks, and infrastructure hacks. In 2022, a record-breaking $3.8 billion was stolen from crypto businesses, primarily by North Korea-linked attackers.
One well-known incident involved hackers posing as recruiters to lure an engineer from a blockchain gaming firm into sharing access to their computer. This enabled the criminals to steal over $600 million in crypto assets.
North Korean hackers are constantly evolving their tactics. They use social engineering to build relationships and gain access to systems, targeting employers in wealthier countries. The U.S. Treasury and South Korean authorities have imposed sanctions on entities and individuals involved in helping North Korean IT professionals fraudulently obtain employment overseas and launder illicitly obtained funds back to North Korea.
Overall, North Korea’s reliance on cyber attacks and stolen crypto funds showcases their determination to fund their nuclear weapons programs despite international sanctions.
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