North Korea has been described as the country with the world’s highest crypto-related crimes, with the United States, Russia, China, and the United Kingdom coming behind in that order. A recent report revealed that the country has more than 15 documented cases of crypto crime, with proceeds exceeding $1.59 billion.
The Government Funds Its Military With Crypto Proceeds
While the extent of North Korea’s cybercrime involvement is not known, the government has a cyber program that is well-organized and very large. In several instances, the government has been accused of using proceeds from cybercrimes to beef up its military.
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However, despite the firepower of the military, the majority of its citizens have poor access to basic services and struggle with food insecurity. One of the reasons for this is its economic isolation from the rest of the world. But the country is breeding a large collection of hackers that have been given the environment to explore and explore international organizations.
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Reports reveal that all the attacks that come from the DPRK are most likely coming from government-sponsored programs since internet access in the country is largely controlled by the government.
Thousands of private and government establishments across the world have been targeted by the country’s cyber army, with the proceeds going into the national defense budget.
South Korean Exchanges Have Been Targeted The Most
In 2020-2021 when the crypto industry saw a major turning point, it was reported that North Korean hackers launched more attacks on different organizations to gain more crypto. At the time, several cryptocurrencies were aiming for their all-time-high levels. The country takes funds from cryptocurrencies as one of its main income generation mediums the government. But despite the international sanctions against the country, the government has continued to send hackers after institutions and private organizations all over the world.
But South Korean exchanges have been the most targeted by these groups, who compromised Bithumb and took away $60 million in crypto. The Lazarus Group from North Korea is one of the world’s most notorious hacking syndicates, having been linked to several high-profile cybercrimes in the past. The WannaCry hacking incident has one of the hacking activities credited to the same group. It led to a widespread ransomware attack that hit several institutions all over the world.
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