- North Korean hackers stole $1.3B in crypto, which is 61% of all global thefts.
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South Korea criticizes North Korea’s cyber operations, linking them to missile funding.
South Korea has put sanctions on 15 North Korean persons and one entity for illegal activities, which include cyber theft of cryptocurrencies. The South Korean government has taken action in response to mounting pressure to address North Korea’s cyber operations. This move highlights the urgency of countering the threat in cyberspace. These activities are not only a serious cybersecurity threat but also to global peace and security.
North Korean cybercriminals have been using illicit funds to fund the country’s nuclear and missile development programs with digital assets. According to blockchain analytics firm Chainalysis, North Korean hackers stole an astonishing $1.3 billion, which accounts for 61% of all crypto thefts globally. The FBI has accused these hackers of orchestrating some of the largest crypto heists. Among their alleged crimes is the theft of $308 million from the DMM Bitcoin exchange.
This attack involves imposing sanctions against the 313th General Bureau unit of North Korean cyber cybercriminals who have been responsible for multiple hacking into crypto-money thefts. The Unit operates under the Munitions Industry Department of the Worker’s Party, managing weapon production and research in North Korea. It plays a central role in advancing the country’s military capabilities. South Korea addresses this threat by responding to North Korea’s strategy of financing its weaponry operations with illegitimate funds. The rising danger has prompted increased vigilance and countermeasures from South Korea.
Increasing Global Cyber Threats
The South Korean government has revealed the tactics used by North Korean IT staff to infiltrate organizations. These individuals are sent abroad under aliases to carry out hacking operations. Reports indicate that North Korea’s cyber force operates in key sectors like defense and IT worldwide. This group drives the regime’s strategy to finance its military agenda through digital crimes.
This is at a time when the UK National Crime Agency had recently exposed a massive $1 billion money-laundering scheme that used both crypto and cash. Globally coordinated moves such as this, alongside sanctions, are important for checking cybercrime and keeping emerging technologies like blockchain and cryptocurrency on track. South Korea’s proactive stance against North Korean cyber activities highlights the urgency of addressing illegal digital asset thefts. It underscores the international need for collaboration in combating cybercrime effectively.
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