The North Korean regime derives about half of its foreign currency earnings from cyberattacks against cryptocurrencies and other targets, a US diplomat claimed.
A senior Biden administration official told Nikkei that attacks by the reclusive state have surged since 2018, in step with its nuclear and missile programs.
Read more about the North Korean attack: Over $600 million stolen in the largest cryptocurrency theft ever.
“We are very concerned that cryptocurrency heists and cyberattacks have become an important source of funding for the Pyongyang regime, and that about 50% of foreign currency earnings come from cybertheft. ‘ said the official. told the newswire.
“We are very focused on countering this, working closely with our allies in South Korea, and working with key allies and partners around the world. We want to raise awareness of this issue so that people are more aware of the dangers of these practices.”
South Korean estimates cited by the Nikkei newspaper claim that the Kim Jong-un regime employs about 10,000 operatives to support large-scale, financially-motivated cyberattack operations.
Thousands more IT workers are sent abroad with false documents to work as freelancers in developed countries, the report continued.
North Korean hackers have been blamed for some of the biggest crypto heists in history, including $620 stolen from Skye Mavis’ Ronin Network last year and $281 million stolen from KuCoin in 2020. It is
They use increasingly sophisticated techniques to get what they want. 3CX Supply His chain attacks are believed to have targeted cryptocurrency exchanges, embedding his backdoor malware in legitimate-looking software updates from the eponymous telecom provider.
In 2019, the United Nations estimated that North Korea amassed as much as $2 billion in funds through historic attacks on cryptocurrency companies and traditional banks.
