North Korean Hackers Steal Record Sums, Researchers Say
A record-breaking amount of cryptocurrency has been stolen by North Korean hackers this year, with researchers attributing the thefts to regime-linked hacking groups. According to estimates from the United Nations, the stolen funds account for around 13% of North Korea's gross domestic product (GDP).
The hackers, part of teams like Lazarus Group, have targeted cryptocurrency companies in recent years, stealing large sums of digital tokens. However, researchers at Elliptic warn that wealthy individuals holding cryptocurrencies are increasingly being targeted due to their lack of robust security measures.
"We've seen a significant shift in the tactics used by North Korean hackers," said Dr. Tom Robinson, chief scientist at Elliptic. "They're now targeting individual cryptocurrency holders who often don't have the same level of security as businesses."
The stolen funds are believed to be used to finance North Korea's nuclear weapons and missile development programs. Western security agencies have long been concerned about the regime's use of cybercrime to fund its military ambitions.
Attributing cyber thefts to North Korea can be challenging, but researchers at Elliptic say that targeting individuals is a deliberate strategy to avoid detection. "Other thefts are likely unreported and remain unknown," Dr. Robinson noted.
The Lazarus Group, one of the most notorious hacking teams linked to North Korea, has been responsible for several high-profile cyber attacks in recent years. The group's tactics have evolved over time, with a focus on stealing cryptocurrency rather than traditional financial data.
In 2018, the Lazarus Group was blamed for the WannaCry ransomware attack that affected thousands of computers worldwide. Since then, the group has shifted its attention to cryptocurrency thefts, with a reported $2 billion stolen so far this year.
The implications of these hacks are significant, not only for individual cryptocurrency holders but also for the global financial system as a whole. As Dr. Robinson noted, "The use of cybercrime by North Korea highlights the need for improved security measures and international cooperation to combat these threats."
In response to the growing threat, governments and financial institutions are working together to develop more effective strategies to prevent and detect cryptocurrency thefts. The next development in this ongoing story is likely to be a renewed focus on cybersecurity measures and international cooperation to counter North Korea's cybercrime activities.
Background:
The Lazarus Group has been linked to several high-profile cyber attacks, including the 2014 Sony Pictures hack and the 2016 Bangladesh Central Bank heist. The group's tactics have evolved over time, with a focus on stealing cryptocurrency rather than traditional financial data.
Context:
North Korea's use of cybercrime to fund its military ambitions is well-documented. In 2020, the United Nations estimated that North Korean hackers had stolen around $2 billion in cryptocurrency since 2019. The regime's reliance on cybercrime has raised concerns among Western security agencies and governments worldwide.
Perspective:
Dr. Tom Robinson's comments highlight the growing concern about North Korea's use of cybercrime to fund its military ambitions. "The targeting of individual cryptocurrency holders is a deliberate strategy to avoid detection," he noted.
*Reporting by Bbc.*
