Crypto Country: North Korea’s Targeting of Cryptocurrency
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Crypto Country: North Korea’s Targeting of Cryptocurrency
In a new report, Recorded Future’s Insikt Group examines North Korea’s success in its cybercriminal operations targeting the cryptocurrency industry. Since 2017, North Korea has significantly increased its focus on the cryptocurrency industry, stealing an estimated $3 billion worth of cryptocurrency. Initially successful in stealing from financial institutions through the hijacking of the SWIFT network, North Korea shifted its attention to cryptocurrency during the 2017 bubble, starting with the South Korean market and later expanding globally. In 2022 alone, North Korean threat actors were accused of stealing $1.7 billion in cryptocurrency, equivalent to 5% of the country's economy or 45% of its military budget. The stolen funds, often laundered using methods similar to traditional cybercriminal groups, contribute to the regime's revenue, allowing it to operate despite international sanctions.
North Korean state-sponsored activity targeting the cryptocurrency industry (Source: Recorded Future Intelligence Cloud)
North Korean threat actors, supported …
In a new report, Recorded Future’s Insikt Group examines North Korea’s success in its cybercriminal operations targeting the cryptocurrency industry. Since 2017, North Korea has significantly increased its focus on the cryptocurrency industry, stealing an estimated $3 billion worth of cryptocurrency. Initially successful in stealing from financial institutions through the hijacking of the SWIFT network, North Korea shifted its attention to cryptocurrency during the 2017 bubble, starting with the South Korean market and later expanding globally. In 2022 alone, North Korean threat actors were accused of stealing $1.7 billion in cryptocurrency, equivalent to 5% of the country's economy or 45% of its military budget. The stolen funds, often laundered using methods similar to traditional cybercriminal groups, contribute to the regime's revenue, allowing it to operate despite international sanctions.
North Korean state-sponsored activity targeting the cryptocurrency industry (Source: Recorded Future Intelligence Cloud)
North Korean threat actors, supported …