North Korean Cyber-Attack Threat Rises

North Korea has always been a top concern about crypto crime. The anxiety grew as the attacks increased and the damage got bigger and bigger.

North Korea has always been a threat to Crypto

As the nation struggles with protracted economic sanctions and resource shortages, North Korea-sponsored cyberattacks against cryptocurrency and digital companies will only get more sophisticated over time.

Soo Kim, a former CIA analyst, claimed to CNN on July 10 that North Koreans now saw the process of earning cryptocurrency income for the state from abroad as a “way of life.”

“In light of the challenges that the regime is facing — food shortages, fewer countries willing to engage with North Korea (…) this is just going to be something that they will continue to use because nobody is holding them back, essentially.”

“Even though the tradecraft is not perfect right now, in terms of their ways of approaching foreigners and preying upon their vulnerabilities, it’s still a fresh market for North Korea,”

Soo Kim said

The RAND Corporation policy analyst made the comments almost two months after the release of a joint advisory from the United States government about the infiltration of North Korean operatives across freelance tech jobs – posing risks of intellectual property, data, and funds theft that could be used to violate sanctions.

Former FBI intelligence analyst Nick Carlsen told CNN that DPRK operatives embedded in these firms would not only earn income used to skirt sanctions but they could also potentially identify vulnerabilities in certain client systems that their hacker comrades could take advantage of.

In a lengthy Twitter expose about North Korean hackers, The Defi Edge noted that these crypto attacks typically target bridges, focus on companies based in Asia, and often begin by targeting unsuspecting employees.

The country has been identified as being allegedly behind some of the largest cyberattacks in recent crypto history, including the $620 million hack of Axie Infinity and the $100 million hack of the Harmony protocol.

As Coincu News also mentioned in an article, a report from Coinclub on June 29 estimated there are as many as 7,000 full-time hackers in North Korea working to raise funds through cyberattacks, ransomware, and crypto-protocol hacks.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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