Sun, October 02, 2022

Insikt Group’s Report and North Korea

North Korea and crypto markets

North Korea is the most isolated country in the world, and it retains this status for decades. For more than 70 years, the Kim dynasty rules this country. The current leader of North Korea, Kim Jong-un, is the grandson of Kim Il-Sung who was the founder of North Korea.

According to U.N. experts, the country generated hundreds of millions of dollars by stealing from and cryptocurrency exchanges. Recently, Insikt Group released a study that provides useful information about this topic.

Based on this report, the political and military elite reportedly took part in hacks of South Korean crypto exchanges, as well as cryptojacking and crypto mining. Also, theft of cryptocurrencies is one of the major sources of income.

The North Korean regime is using various methods to evade the sanctions imposed by the U.S. UN and others. Moreover, thanks to illegal activities, Pyongyang was able to fund military project including the creation of nuclear weapons.

Crypto-related operations and North KoreaNorth Korea and crypto-related activities

North Korean leadership is using the internet not only for stealing cryptocurrencies. Moreover, thanks to the internet, the regime obtained information about ballistic missile programs and cyber operations.

Insikt Group, is an intelligence arm of United States-based cybersecurity firm Recorded Future, released a study. They published the study “How North Korea Revolutionized the Internet as a Tool for Rogue Regimes.” This report helps to learn more about North Korea’s crypto industry and how the regime is using cryptocurrencies.

It is worth mentioning that the report analyzed North Korean senior leadership’s internet activity between January 1 to November 1, 2019.

According to the report, North Korea’s internet use increased by 300% over the past three years. The country’s leadership is actively using cryptocurrencies for various activities.

Moreover, the exploitation of crypto and Blockchain technology is one of the primary tactics when it comes to transferring illicitly obtained funds. International organizations should work harder to address this issue.

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