Oh, North Korea! Always making waves in the cyber world. According to Bloomberg, the rogue state’s cyber shenanigans and crypto thefts are likely to be front and center at next month’s G7 summit in Alberta, Canada. While Ukraine and Gaza will dominate most of the chatter, North Korea’s increasingly bold digital attacks have raised eyebrows worldwide, with experts calling for a coordinated international response.
Crypto Heists on a Record-Breaking Scale
By now, it's no secret that North Korea’s crypto thefts are reaching new heights. The regime has become quite the master of stealing crypto to fund its activities, and it's not exactly subtle about it. As Bloomberg reported on May 7, hacking groups like the notorious Lazarus Group have made off with billions this year, including a jaw-dropping $1.5 billion from a February heist at Bybit—the largest hack the crypto world has ever seen.
47 Heists and $1.3 Billion Stolen in 2024 Alone
In 2024 alone, North Korean hackers pulled off 47 successful crypto heists, totaling more than $1.3 billion, according to blockchain analytics firm Chainalysis. To make things more exciting, the US, Japan, and South Korea issued a warning in January that North Korea is now infiltrating crypto companies by sending its tech workers to work as insider threats.
In fact, it’s not just about stealing crypto. These funds have been used to dodge international sanctions and, you guessed it, fuel North Korea’s weapons programs. A report from the US Treasury back in September spilled the beans on how these digital hauls have supported the regime’s military ambitions.
Lazarus Group Shell Company Shenanigans
But wait—there's more! Just this April, Lazarus Group's affiliate groups set up a series of three shell companies in the US and used them to distribute malware and rob crypto developers. What a subtle tactic!
To add insult to injury, cryptocurrency exchange Kraken has recently revealed how it blocked an attempt by a North Korean hacker to gain access to its firm. Thanks to clever trap identity verification tests by Kraken’s chief security officer, Nick Percoco, the plot was exposed, and the scam was shut down.
North Korean Operatives on Freelance Websites
And then there’s the story of Heiner Garcia, a cyber expert who uncovered how North Korean operatives have been securing freelance gigs online.
It's obvious: North Korea is getting innovative with its hacks and scams. And now, with the G7 summit around the corner, the world is on notice. Let's just hope that the leaders have a good game plan in place to end the North Korean digital crime spree.
HODL Team
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