Billions Stolen in Digital Heists
North Korea now has one of the biggest cryptocurrency stashes in the world. This rise did not happen through mining or trading. It happened through hacking.
In the past few years, hackers linked to North Korea have stolen billions of dollars in digital money. They targeted crypto platforms around the world. These stolen funds are now part of North Korea’s growing crypto reserve.
One major cyber theft happened in February, when a Dubai-based crypto exchange was hacked. Hackers accessed the company’s Ethereum wallet and managed to steal around $1.5 billion worth of digital tokens. Ethereum is the second most popular cryptocurrency after Bitcoin.
Due to these and other similar attacks, North Korea is now reported to hold around 13,562 Bitcoins, valued at over $1.1 billion. That makes it the third-largest holder of Bitcoin in the world — only behind the United States and the United Kingdom.
These stolen cryptocurrencies are believed to be a vital source of income for North Korea. The funds are helping the country sustain its economy and continue with its expensive military and weapons programs, despite facing global sanctions and economic isolation.
How the Hackers Operate
North Korea’s hackers are not ordinary cybercriminals. Highly trained and organized hackers operate in groups with clear missions. One such group targets cryptocurrency platforms, especially smaller companies and startups with weak security systems.
The hackers often use social engineering. This means they trick people into letting them into computer systems. They pretend to be job recruiters, investors, or IT support. They build trust first. Then they send fake files or links with viruses. These give them access to the company’s systems.
Sometimes, the malware hides inside fake job applications or video call tools. Once inside a system, the hackers stay quiet. They study everything and wait for the best time to attack.
When they steal the cryptocurrency, it’s almost impossible to get it back. Crypto transactions can’t be reversed. It’s also very hard to find the hackers, especially when a country protects them.
Hackers also go after decentralized finance (DeFi) platforms. These platforms are popular in crypto because they don’t have a central boss. But they often lack strong security. This makes them easy to attack. Many are built fast without proper safety steps.That leaves them open to hackers.
In one recent case, the hackers took advantage of a security feature that was supposed to protect users — a multi-signature wallet system known as “Safe.” Ironically, the very tool designed to increase safety became the weak point the hackers used to break in.
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Cryptocurrency: A Lifeline for Sanctions-Hit Regime
Cryptocurrency has opened up new doors. It’s anonymous, fast-moving, and hard to regulate. These traits make it perfect for a country looking to avoid sanctions and raise money under the radar.
The stolen money likely goes straight to the North Korean government. Experts believe it helps pay for nuclear weapons and military tools. It may also support the ruling family’s lifestyle. The government has trained top cyber teams. Hacking has become one of its biggest money-making activities.
North Korea’s hacking operations have become a powerful tool, turning digital theft into a major source of funding. As the crypto world continues to grow, so do the risks — and North Korea’s hold on one of the world’s largest illegal crypto fortunes keeps getting stronger.
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