North Korea’s Cyber-Attacks on Cryptocurrency: A Major Source of Income
According to a US diplomat, the North Korean regime generates approximately half of its foreign-currency income through cyber-attacks on cryptocurrency and other targets. The official from the Biden administration revealed that these attacks have increased significantly since 2018, aligning with the country’s nuclear and missile programs.
Reports indicate that the Kim Jong-un regime employs around 10,000 operatives dedicated to financially motivated cyber-attacks. Additionally, thousands of IT workers are sent abroad with falsified documentation to work as freelancers in developed countries, further supporting North Korea’s cyber operations.
One of the most notable incidents involving North Korean hackers was the theft of $620 million from Sky Mavis’ Ronin Network in the previous year. Another major heist was the $281 million taken from KuCoin in 2020. These cybercriminals are utilizing increasingly sophisticated techniques to carry out their attacks.
The recent 3CX supply chain attacks, where malicious software was inserted into a legitimate software update from the communications provider, were believed to be a targeted effort to impact cryptocurrency exchanges. These incidents highlight the evolving tactics employed by North Korean hackers to achieve their objectives.
A 2019 United Nations estimate suggested that North Korea had accumulated up to $2 billion through past cyber-attacks on cryptocurrency firms and traditional banks. These attacks pose a significant threat to global cybersecurity and financial stability.
Efforts are being made to counter North Korea’s cyber-attacks, with close collaboration between the US, South Korea, and other allies. The goal is to raise awareness among companies about the dangers posed by these malicious practices and enhance cybersecurity measures to mitigate the risks associated with cyber threats.
In conclusion, North Korea’s reliance on cyber-attacks for foreign-currency earnings underscores the importance of addressing cybersecurity vulnerabilities and fortifying defenses against malicious actors. By staying vigilant and implementing robust security measures, organizations can better protect themselves against cyber threats and safeguard their assets in an increasingly digital world.