North Korea is increasingly using cryptocurrencies to fund its nuclear weapons program, US officials said. The country has become a major holder of digital assets, with several hacker groups in the country stealing billions in bitcoin, ethereum and other cryptocurrencies.
North Korean government-funded hacker group Lazarus Group stole more than $600 million worth of cryptocurrencies from Axie Infinity in 2022.
According to recent estimates, according to data from Chainalysis, North Korean hackers stole R$4.3 billion in early 2022 alone, and another $200 million (R$1 billion) in 2020 and 2021 combined.
Between January 2017 and the end of 2018, as reported by live coinsthe Lazarus group and two other North Korean hacking groups managed to steal at least $571 million worth of cryptocurrencies in attacks on several countries.
According to UN investigators, the stolen amount is a “important source of income” for North Korea’s nuclear program.
The issue has now become a priority in the US, with the US government becoming concerned about the situation and setting up a task force to tackle Kim Jong-un.
US officials are rushing to take several measures to counter threats from North Korea, including imposing sanctions on the country and confiscating stolen cryptocurrencies.
“I’m very concerned about North Korea’s cyber capabilities”said Anne Neuberger, deputy national security adviser to the Biden administration, at an event hosted by the Center for a New American Security (CNAS). “They use up to a third of the stolen money (in cryptocurrencies) to fund their missile program.”
Going further, North Korea is also using some of the stolen cryptocurrencies to fund the country’s spy operations. Earlier this year, the US government discovered that South Korean spies stole the country’s military information and paid for the information with Bitcoin.
She also said North Korea’s increased missile testing is a priority for the US, which is taking several steps to counter threats from North Korea.
North Korea has ramped up ballistic missile testing, causing more than 5 million Japanese to seek shelter after the country launched a missile over Hokkaido island last week.
The country led by Kim Jong-un is expected to conduct its first nuclear weapons test in five years in the coming days, according to South Korean and US intelligence reports. And all this – officials say – is being financed with stolen cryptocurrencies.
North Korea Uses Cryptocurrencies to Fund Military Sectors
According to a UN report, one of the ways hackers operate is by attacking exchanges and users. Another well-known method is through cryptocurrency mining.
One of the largest cryptocurrency exchanges in the neighboring country, Bithumb, is said to have been the victim of at least four hacks between 2017 and 2019, with a loss of about $58 million.
A recent case released by Bleeping Computer reveals that hacker groups are… using fake cryptocurrency-related job postings to spread malware targeting macOS systems.
The main vector of the attack is the use of malware to infect victims’ computers. For example, hackers try to trick targets into opening malicious files that infect systems and can be used to breach the internal networks of cryptocurrency companies to stealing large amounts of cryptocurrencies and spying.
The country is now busy laundering the stolen funds, and the… industry proved very profitable for North Korea to shut down its operations.
Meanwhile, the US government is trying to encircle North Korea by shutting down the detergents used by the regime, such as Tornado Cash and Blender.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
