WASHINGTON / LONDON (IT BOLTWISE) – North Korean hackers have made billions of dollars by targeting cryptocurrency exchanges and using fake identities to obtain remote tech jobs. These activities finance the development of nuclear weapons and circumvent international sanctions.
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North Korean hackers have made billions of dollars in recent years through targeted cyberattacks on cryptocurrency exchanges and by creating fake identities to obtain remote tech jobs at foreign companies. An international report on North Korea’s cyber capabilities shows that these activities are used to fund nuclear weapons research and development. The report was released by the Multilateral Sanctions Monitoring Group, made up of the United States and 10 other allies and formed last year to monitor North Korea’s compliance with U.N. sanctions.
North Korea has also used cryptocurrencies for money laundering and military purchases to evade international sanctions related to its nuclear program. The report details how North Korean hackers have attacked foreign companies and organizations with malware aimed at disrupting networks and stealing sensitive data. Despite its small size and isolation, North Korea has invested heavily in offensive cyber capabilities and is now on par with China and Russia in the sophistication and capabilities of its hackers.
Unlike China, Russia and Iran, North Korea has focused much of its cyber capabilities on funding its government by using cyberattacks and fake labor to steal and defraud companies and organizations worldwide. Supported by allies in Russia and China, North Korea’s cyber actions have been directly linked to the destruction of physical computer equipment, the endangerment of human lives, the loss of assets and property of private citizens, and the financing of the DPRK’s illegal mass destruction and missile programs.
The monitoring group consists of the United States, Australia, Canada, France, Germany, Italy, Japan, the Netherlands, New Zealand, South Korea and the United Kingdom. It was created last year after Russia blocked a resolution that would task a U.N. Security Council panel of experts to monitor Pyongyang’s activities. The team’s first report, released in May, looked at North Korea’s military support for Russia.
Earlier this year, North Korea-linked hackers carried out one of the largest crypto heists ever by stealing $1.5 billion worth of Ethereum from Bybit. The FBI later linked the theft to a group of hackers working for North Korean intelligence. Federal authorities also allege that thousands of IT workers employed by U.S. companies are actually North Koreans working under false identities to obtain remote work. These workers were given access to internal systems and forwarded their salaries to the North Korean government.
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