North Korean Hackers Generate $2bn for Regime Through Cyber Attacks
A recent UN report has revealed that North Korean hackers have successfully earned the Kim Jong-un regime an estimated $2 billion by targeting banks and cryptocurrency exchanges. The report, leaked to the press on Monday, suggests that these cyber attacks were likely coordinated by the country’s top military intelligence agency, the Reconnaissance General Bureau.
Financial Gain for WMD Programs
The report highlights that the Democratic People’s Republic of Korea cyber actors, operating under the direction of the Reconnaissance General Bureau, have been raising funds for the country’s weapons of mass destruction (WMD) programs. These cyber attacks have targeted financial institutions, cryptocurrency exchanges, and mining activities across 17 countries, with at least 35 reported instances identified.
By engaging in these illicit activities, North Korean hackers are able to generate income in a manner that is harder to trace and subject to less government oversight and regulation than traditional banking methods. This also makes it easier for them to launder the proceeds from these cyber attacks.
Escalating Tensions
The revelation of North Korea’s cyber warfare capabilities comes at a time when tensions in the region are already heightened. The country has conducted several missile launches in recent months, further enhancing its ballistic missile capabilities, according to the UN report.
Despite diplomatic efforts, such as the meeting between Donald Trump and Kim Jong-un, North Korea continues to violate international sanctions by procuring WMD-related items and luxury goods. The country is also actively enhancing its nuclear and missile programs, posing a significant threat to regional stability.
Scale of Operation
While it has been known that North Korean hackers have targeted cryptocurrency exchanges in the past, the true scale of their operations has only recently come to light. Reports dating back to 2017 indicated state-sponsored cyber attacks on various cryptocurrency platforms, including a London-based firm and South Korean exchange Bithumb.
These cyber attacks highlight the sophistication and persistence of North Korea’s cyber warfare capabilities, underscoring the need for enhanced cybersecurity measures to counter such threats in the future.