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North Korea Leads Global Cryptocrime (Report)

North Korea Leads Global Cryptocrime (Report), Crypto Trading News
According to Coincub, the country has over 15 documented crypto-crime cases with proceeds conservatively estimated at $1.59 billion. The other four leading countries, closely following the hermit empire, are the US, Russia, China and the UK.

North Korea is sovereign

Although the true extent of North Korea’s contribution to global crypto crime rates is unknown, Coincub stated that the DPRK’s cyber program is large and well-organized.

A large majority of the country’s citizens struggle with food insecurity and malnutrition, as well as a lack of access to basic services. They don’t have access to the global internet. Still, the country has become a hacking superpower.

Economically isolated from the rest of the world, North Korea has managed to spawn a generation of hackers who have spearheaded some of the most catastrophic breaches. When it comes to crypto crime, skilled North Korean hackers have stolen funds for the country’s weapons programs by conducting a series of profitable cyberattacks.

The report suggests that any attacks originating in the DPRK are likely state-sponsored since internet access is controlled solely by Pyongyang. The country’s cyber army has targeted governments and private organizations around the world, whose proceeds go to the national defense budget.

The crypto industry experienced a major turning point in 2020-2021. During that time, a UN report claimed that North Korean hackers stole such platforms and launched seven other attacks on such platforms to fund their nuclear program. cryptocurrency is one of the main sources of internet-based income generation in the country and due to extensive international sanctions, all of these transactions are fraudulent.

The South Korean exchange remains the most targeted. Bithumb, for example, has been attacked four times by DPRK hackers. The latter pocketed a total of $60 million.

The state-backed hacking group Lazarus Group was behind some of the biggest exploits of the past few decades, including the Sony attack in 2014. The WannaCry hack was another stunt by the group that led to a massive ransomware cyberattack targeting institutions around the world World met in 2017.

The attack lasted over 7 hours and affected around 200,000 computers in 150 countries. The main targets were Russia, India, Ukraine and Taiwan. More recently, the group raised more than $620 million from the Ronin Bridge earlier this year Axe Infinity deducted.

The DPRK’s cyber program, which reportedly has 7,000 employees and operations in more than 150 countries, has likely carried out many heists that have never been proven. With the rapid shift in crypto space, DPRK hackers have also adapted to Web3 and are currently targeting DeFi as reported by several US government agencies.

Crypto Winter and North Korea’s Stolen Crypto Stash

One of the most brutal and authoritarian regimes in the world may have been at the forefront of crypto crime, but the recent market downturn, its ill-gotten stash of coins and tokens.

As reported by CryptoPotato Recently, the market-wide router has also hit the malicious entities in North Korea. The inexorable declines in the crypto markets may have hampered North Korea’s ability to carry out more heists and hacks in the sector.

Source: Crypto News Deutsch

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