Crypto Hacking Outbreak From North Korea?

Source: Beebright/Adobe

‘Surge’ of North Korean crypto hacks expected to occur in 2023claimed a security provider.

South Korean media Money S reported that Panda Securitya Spanish cyber security software company, predicted a “increased fraudulent activity” and attempted “theft of virtual assets” in the coming year.

This is what the company said North Korean hackers reportedly seek to ‘take advantage of renewed public interest in cryptocurrencies’ as markets emerge from crypto winter.

7-day BTC price. (Source: CoinMarketCap)

Panda added that “attacks on major crypto exchanges” were also possible in 2023 and “could harm users as well.”

The supplier added that Pyongyang ‘will focus more on illegal cyber activities to raise funds’ from the “cryptocurrency market” in 2023.

The media also noted that cryptocurrencies have become “an important source of funding for nuclear programs and North Korea’s missile development.” He claims it is “through the theft and laundering of cryptocurrencies that [le Nord] was able to launch 70 ballistic missiles at least 33 times” by 2022 – despite the crippling sanctions it has faced in recent years.

Lim Chul, a professor at Kyungnam University’s Center for Far Eastern Studies, is quoted as saying:

“Government bodies presented an ambitious weapons plan at a plenary meeting of North Korea’s central committee that took place late last year.”

For the financing of this plan, the media emphasize, North Korea Will Need ‘Foreign Currency’which means that “an increase in illegal cyber activities will be inevitable.”

Another academic affirmed this The UN will probably respond with sanctions. Park Won-gon, a professor at Ewha Womans University, said:

“If North Korea steals [davantage] for cryptocurrencies, additional sanctions will be imposed each time.”

Park said the UN will have to consider whether it is prepared to respond by “imposing sanctions on individuals and companies in China”.

North Korean Cryptocurrency Hacks on the Rise?

Panda’s claims come next South Korea’s National Intelligence Service (NIS) recently said North Korean hackers stole about $1.2 billion in “crypto and other virtual assets.” over the past five years – more than “half” of that amount has been hacked in 2022. The NIS also predicted an increase in hacks commissioned by Pyongyang this year.

Security vendors claim that Pyongyang now uses fake crypto wallets and clones of crypto exchanges – whose installers contain “Trojan horse” viruses. They claim that these viruses compromise their victims’ PCs, allowing hackers to break into them and then steal cryptos.

BlueNoroffa subset of the hacker group Lazarus sponsored by the state of North Korea, now claims to be a venture capitalist looking to invest in crypto startups in a new phishing method.

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