- North Korea is still developing nuclear weapons and ballistic missile technology.
- North Korea’s cryptocurrency theft hit a record high last year.
- North Korea moved 21.9 million dollars worth of stolen cryptocurrency assets to a Russian exchange earlier this year.
Despite international sanctions, North Korea is still developing nuclear weapons and ballistic missile technology. According to a panel of the UN Security Council, Pyongyang has carried out illegal financial operations.
A security expert is calling for increased cooperation between nations in the fight against North Korean cyberattacks, as fears that the nation’s IT workforce is aiding the regime in stealing billions of dollars worth of cryptocurrency are growing.
Cyberattack Finance
North Korea’s cryptocurrency theft hit a record high last year, according to a report released by a UN panel that examined sanctions against the country from January to July.
According to the report, in 2022, cryptocurrency theft from businesses worldwide was estimated to have cost 1.7 billion dollars. Former UN panelist Takeuchi Maiko, a security specialist, thinks North Korea is using the money it makes from cybercrime to support its nuclear and missile programs.
According to the report, cyberattacks may be carried out by North Korean IT workers posing as representatives of foreign businesses. IT personnel may have installed backdoors into business computer systems to facilitate attacks and take advantage of security holes to pilfer cryptocurrency assets.
The report also includes examples of North Korean IT engineers working on smartphone app development projects in Japan. Additionally, the report implies that North Korean IT personnel are engaged in cyberattacks while evacuating to China, Russia, and certain other friendly third-world countries in Southeast Asia.
According to reports, a business associated with the North Korean Workers’ Party’s munitions industry department is situated in Laos and assists North Korean IT professionals looking for lodging and office space in the nation.
It is also alleged that North Korea launders cryptocurrency assets that have been taken via cyberattacks. North Korea moved 21.9 million dollars worth of stolen cryptocurrency assets to a Russian exchange earlier this year, according to a US blockchain analytics company.
Takeuchi Maiko underlines the possibility of money laundering not just in Russia but also in third nations with loose laws. Though she stresses those relevant nations like South Korea, Japan, and the US must take the lead in promoting greater transparency in crypto-asset transactions, the UN report urges nations to actively report to them.
