Thu, May 23, 2024

North Korean Regime and Cryptocurrencies

Crypto-related cyberattacks

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

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.

North Korean Regime and Illegal ActivitiesCrypto and illegal activities

As mentioned above, the North Korean Regime is using cryptocurrencies as a strategic weapon. Moreover, the political and military elite reported involvement 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. Other activities include illicit banking operations and low-level information technology work and financial crime. Thanks to such activities, the North Korean regime is able 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.

It is important to keep in mind that North Korean leadership is using the internet not only for stealing cryptocurrencies. For example, thanks to the internet the regime obtained information about ballistic missile programs and cyber operations.

North Koreans who took part in such activities are able to learn more about the cryptocurrencies and other industries thanks to their leadership. Insikt Group tracked North Korean agents in eight countries such as China, India, and others. Agents have the opportunity to acquire knowledge in China and India that helps them to conduct illicit operations

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