The FBI claims that North Korea-linked hackers were behind a $100 million cryptocurrency heist at the so-called Horizon Bridge in 2022.
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“In recent years, there has been a notable increase in the size and scope of North Korea’s cyberattacks against crypto-related companies. This has coincided with an apparent acceleration of the country’s nuclear and ballistic missile programs,” TRM Institute said. I mentioned it in my paper. In June, held discussions with North Korea experts.
In its discussion, the TRM Institute said there was a shift away from North Korea's “traditional revenue-generating activities” and that this meant the North Korean regime was “using cyber technology to finance its weapons proliferation activities.” “This suggests that they may be increasingly looking to attack,” he said.
Separately, blockchain analysis firm Chainalysis said in a February report that “most experts agree that the North Korean government is using these stolen assets to fund its nuclear weapons program. “There is,” he said.
North Korea's diplomatic mission to the United Nations, the Permanent Mission of North Korea to the United Nations in New York, did not respond to CNBC's request for comment.
They need every dollar they can get. And this is clearly a much more efficient way for North Korea to make money.
nick carlsen
Intelligence Analyst at TRM Labs
Since North Korea's first nuclear test in 2006, the United Nations has imposed multiple sanctions against the reclusive regime, officially known as the DPRK or Democratic People's Republic of Korea, for its nuclear and ballistic missile programs.
The sanctions, which include bans on financial services, minerals, metals and weapons, are aimed at restricting access to the financial resources needed to support North Korea's nuclear activities.
Just last month, the FBI warned crypto companies that North Korea-linked hackers were planning to “cash out” $40 million in cryptocurrencies.
In January, the agency said it would “continue to identify and disrupt the theft and laundering of virtual currencies used to support North Korea's ballistic missile and weapons of mass destruction programs.”
“North Korea is under pretty severe economic stress due to international sanctions. They need all the money they can get, and this is clear,” said Nick Carlsen, an intelligence analyst at blockchain analysis firm TRM Labs. “It's a much more efficient way for North Korea to make money.” CNBC.
“Even if every dollar stolen in cryptocurrencies is not used directly to purchase some component of the nuclear program, it frees up another dollar to support the regime and its program,” Carlsen said. Stated.
North Korea-linked hackers exploit vulnerabilities in the cryptocurrency ecosystem in a variety of ways.
Examples include phishing and supply chain attacks, as well as infrastructure hacks that involve compromise of private keys or seed phrases, TRM Labs said in the report.
According to Chainalies data, 2022 was the biggest year in history for crypto hacks.
According to Chainalysis, a whopping $3.8 billion was stolen from cryptocurrency businesses, primarily by exploiting decentralized finance protocols and North Korea-linked attackers.
Last March, U.S. authorities revealed that North Korea-linked hackers used stolen private keys (passwords that users can access and control) to steal more than $600 million from the Ronin Bridge of the popular blockchain game Axie Infinity. He was accused of stealing a record amount of crypto assets. funds.
Hackers exploit a feature of blockchain known as “bridges” that allows users to transfer their digital assets from one crypto network to another.
The Wall Street Journal reported in June that North Korea-linked cybercriminals posed as recruiters and lured engineers at blockchain gaming company Sky Mavis into believing they had job opportunities.
The hacker shared a document containing malware with the victim, which allowed the criminals to gain access to the engineer's computer and steal more than $600 million in crypto after breaking into Skye Mavis' digital pet game Axie Infinity. I was able to steal currency.
“They leverage social engineering and engage communities. They build relationships and gain access to systems,” Erin Plante, vice president of research at Chainalysis, told CNBC.
The U.S. Treasury Department's Office of Foreign Assets Control and South Korean authorities have accused multiple North Korean IT professionals of helping them fraudulently obtain employment overseas and launder illegally obtained funds to be shipped back to North Korea. imposed sanctions on organizations and individuals.
“They target employers located in wealthy countries using a variety of mainstream and industry-specific freelance contracts, payments, social media and networking platforms,” the press release said, adding that North Korea's I.T. He added that workers often take on projects that involve cryptocurrencies.
“North Korean IT personnel also use virtual currency exchanges and trading platforms to manage digital payments received for contract work and to launder illegally obtained funds back to North Korea. ”
