North Korea used $3 billion of stolen crypto to develop weapons of mass destruction, report says

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As a crypto investor with a background in military intelligence, I find the increasing threat of North Korean hackers targeting the cryptocurrency space to be a serious concern. The UN’s reports of stolen funds totaling over $3 billion being used for weapons development are alarming and serve as a stark reminder of the potential real-world consequences of these cyberattacks.

As a security analyst, I’d interpret that statement as follows: Over the past seven years, a cryptocurrency was illegally obtained according to the UN Security Council’s report. This crypto was subsequently utilized for the development of deadly weapons.

Recent findings from a new investigation reveal that crypto firms and affluent individuals have fallen victim to social media scams orchestrated by North Korean cybercriminals. Reportedly, the ill-gotten gains are being channeled towards the development of weapons by the United Nations.

In a talk with Sky News, David Robinson, who is the co-founder of Internet 2.0 and a retired Australian Army Intelligence Officer, shared his insights on these topics.

“North Korean hackers pose a significant threat to consumers, with estimated thefts amounting to $3 billion as reported by the United Nations.”

As a crypto investor, I’ve kept a close eye on the reports coming out of the U.N. Security Council sanctions committee. According to their latest findings, they have looked into a staggering 97 suspected cyberattacks orchestrated by North Korea between the years 2017 and 2024. The total damage caused by these attacks on cryptocurrency companies amounts to a mind-boggling $3.6 billion.

As a seasoned analyst, I’ve identified a significant issue: hackers have successfully pilfered substantial funds from various crypto platforms, businesses, and affluent individuals who transact using cryptocurrencies. Notably, Chainalysis reported that North Korean cybercriminals managed to swipe approximately $400 million last year, primarily in the form of Ethereum (ETH).

New hacking techniques

Last May, I came across intelligence indicating that North Korean cybercriminals had unleashed a fresh malware strain called “Durian” to infiltrate cryptocurrency businesses in South Korea.

On May 9th, as disclosed in a threat analysis by Kaspersky, the North Korean cybercriminal group Kimsuky carried out targeted assaults against two cryptocurrency businesses. The attacks hinged on malware that mimicked legitimate security software, exclusively used by South Korean crypto firms.

Social media 

As a researcher studying cybercrime trends, I’ve discovered that North Korean hackers often leverage social media to create deceptive profiles of famous personalities or professionals. Their intent is to manipulate unsuspecting individuals into engaging in crypto scams, fraudulent investment opportunities, and phishing attacks.

Collaboration with Russia

Since the beginning of 2021, there has been a rise in cooperation between cryptocurrency exchanges based in Russia and hacking gangs originating from North Korea, according to blockchain analysis reports. This collaboration comes as international efforts to monitor North Korean transactions on the blockchain have become more effective.

As a crypto investor, I’ve come across reports suggesting that certain criminal groups often utilize Russian exchanges for laundering ill-gotten digital assets, according to Chainalysis’ findings.

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2024-06-21 17:34