How NK’s Cyber Criminals Stole 3 Billion in Crypto To Fund Their Nukes
The Wall Street Journal today revealed that North Korea’s hacker army managed to steal a huge amount of cryptocurrency amounting to $3 billion to finance their nuclear program. US officials have confirmed this news.
These hackers have a highly sophisticated method of operating. A specific example of their actions involved using a fake job offer to trick a startup into losing over $600 million. By posing as potential employers, they social engineered someone who was hopeful for a better job. This incident highlights how the North Korean regime trains cybercriminals to deceive people by impersonating tech workers or employers as part of their illegal activities.
According to Chainalysis, a blockchain analysis firm, there has been a significant increase in the amount of stolen assets by North Korea-backed hackers. In 2022, they reportedly stole around $1.7 billion, which is much higher than the amount of $400 million stolen in the previous year.
Cryptocurrency thefts have hit an all-time high of $3.8 billion globally, making the past year the worst on record for such incidents. The majority of these heists were committed by groups associated with North Korea. The report also highlighted a pattern in hacking activity, which fluctuated over the year, with significant increases in March and October.
The cyber heists caused more than just financial losses. Reportedly, the stolen funds were used to support North Korea’s global concern nuclear program. This is a serious matter since North Korea has already conducted six nuclear tests and is preparing for a seventh, which makes the situation even more urgent.
The recent information exposes the increasing dangers in the world of cryptocurrency and the urgent requirement for more robust security measures. It also highlights the difficult obstacles confronted by international organizations in preventing state-sponsored cybercrime. Your employees are your last line of defense. Train them not to fall for bogus job offers.
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