N. Korea is expanding its cybercrimes despite the decline in the value of cryptocurrencies
In an attempt to counteract the falling value of the cryptocurrency it steals to finance its nuclear and missile programs, North Korea seems to be expanding the scope of its cybercrimes.
North Korea stole about $340 million worth of cryptocurrencies in the first three quarters of this year, according to a report by Kim Bomi, a research fellow at the Institute for National Security Strategy. This represents 29.6% of the total damage reported worldwide, but it is still less than the record amount it stole the previous year.
According to Yonhap News Agency, Bomi blamed the loss on the steep reduction in cryptocurrency values amid US interest rate rises and the insolvency of cryptocurrency exchange operator FTX.
Bomi also mentioned the tighter restrictions and surveillance that other nations implemented when North Korean state-sponsored hacker outfit Lazarus compromised the token-based online game Axie Infinity last year, stealing $620 million in cryptocurrency.
According to Bomi, “North Korea is resuming its interest in attacking the financial sector.”
“Ransomware attacks have also increased since last year.”
Bomi said that it seems North Korea is using Russian exchanges to cash in its cryptocurrency holdings.
