North Korea’s Virtual Currency Heists Likely to Increase in 2024: Experts
Seoul and New York, August 28,2024 – North Korea’s reliance on virtual currency theft to fund its nuclear and missile programs is expected to intensify in 2024, according to experts. The country has been increasingly turning to cybercrime to generate revenue, with analysts predicting a further escalation in its illicit activities this year.
During a joint US-South Korea seminar on countering North Korea’s virtual asset laundering held in New York on August 27, Seth Bailey, the US State Department’s Special Representative for North Korea Policy, highlighted the growing threatposed by Pyongyang’s cyber operations.
North Korea is using stolen virtual currency to fund its destabilizing activities across the globe, Bailey stated. He cited a report by blockchain analytics firm TRM Labs, which revealed that North Korean hackerswere responsible for stealing approximately one-third of all virtual assets globally last year. This trend is expected to continue, with the report indicating that hackers stole $1.38 billion in virtual currency during the first half of 2024, a significant increase from the previous year.
Bailey emphasized that virtual currencytheft has become a crucial source of income for North Korea, accounting for over 40% of the funds used to develop its weapons of mass destruction and ballistic missile programs. He underscored the need for international cooperation, including information sharing and policy coordination, to curb these illicit activities.
Lee Joon-il, Director Generalof the Korean Peninsula Policy Bureau at South Korea’s Ministry of Foreign Affairs, echoed Bailey’s concerns, stating that the two countries established a joint working group in August 2022 to address the growing threat of North Korean cyberattacks. The seminar aimed to foster collaboration and explore strategies to protect virtual assets fromhacking and money laundering.
The increasing reliance on virtual currency theft highlights North Korea’s growing sophistication in cybercrime. The country has developed a dedicated cyber warfare unit, known as the Reconnaissance General Bureau, which is responsible for conducting a wide range of cyberattacks, including data theft, ransomware, and cryptocurrency heists.
The international community has condemned North Korea’s cyber activities, with the United Nations Security Council imposing sanctions on individuals and entities linked to these operations. However, North Korea has continued to pursue its illicit activities, undeterred by international pressure.
The growing threat posed by North Korea’s cyber activities raises serious concernsabout the security of virtual assets and the potential for these funds to be used to destabilize the region and beyond. International cooperation and a coordinated response are crucial to counter this growing threat and prevent North Korea from further advancing its nuclear and missile programs.
【source】https://cn.yna.co.kr/view/ACK20240828001000881?section=nk/index&input=rss
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