The Ministry of Foreign Affairs of South Korea has recently imposed sanctions against North Korean hackers, including 15 individuals for over $1 Billion in crypto theft.
The accused 15 hackers have been associated with Bureau 313. It is a subordinate organization of the Workers’ Party of Korea’s Machine-Building Industry Department.
The UN Security Council has sanctioned the department since 2016 for developing weapons for DPRK. Bureau 313 sends IT personnel from North Korea overseas and utilizes the earned foreign currency to fund weapon production.
South Korean officials stated that North Korean hackers were involved in illegal cyber activities which are considered criminal acts.
As the stolen funds are allegedly funding the development of DPRK weapons, it might be a potential threat to global peace and security.
South Korean government mentioned that IT personnel from DPRK are usually dispatched to Africa, China, Southeast Asia, and Russia. Some of these personnel end up getting involved in the cyber theft activities.
Insights On Hackers
One of the sanctioned individuals, Kim Cheol- min has allegedly earned a hefty amount of funds by working secretly for the US and Canada-based companies. Later, he deposited the funds to Pyongyang’s nuclear weapons program.
As reported by the South Korean media company, the US lawmakers indicted one of the sanctioned North Korean hackers on December 11, 2024. It was Kim Ryu Song who was accused of earning a revenue of $88 Million through identity theft and money laundering.
The Hackers Stole 61% Among all Crypto Thefts in 2024: Chainalysis
According to the Crypto Crime Report released by Chainalysis, North Korean hackers accounted for 61% of the total crypto thefts in 2024. The hackers disguised as IT personnels in several countries managed to steal approximately $1.34 Billion worth crypto funds.
The DPRK hackers conducted 47 crypto hacks, which is equivalent to 20% of the total incidents.
However, notably, their cyber crime activities had reduced after the summit between Russia and North Korea in June 2024.
Major Crypto Thefts by North Korean Hackers
The DPRK hackers have been reportedly involved in several crypto hacks:
- DMM Bitcoin Hack
The North Korean hackers were linked to the crypto theft of a Japanese Cryptocurrency Exchange, DMM Bitcoin. The hackers stole over 4500 Bitcoin from the platform, which were worth of approximately $305 Million.
Reportedly, the hackers targeted an employee who worked for a crypto wallet company, Ginco. They gained access to the wallet’s communications system, followed by intercepting a transaction performed by a DMM employee.
2. Atomic Wallet Hack
In 2023 due to a major security breach, a decentralized wallet, Atomic Wallet got hacked . The company faced a crypto theft of over $100 Million by the North Korean hackers. The hackers compromised approximately 5,500 crypto wallets.
Elliptic, a British Blockchain Blockchain Analytics firm linked the notorious Lazarus Group with the crypto theft.
3. WazirX Hack
Another crypto theft that happened in 2024 was the hack of a crypto exchange platform, WazirX. The North Korean hacking group, Lazarus group was the mastermind behind the theft. They breached the Indian crypto-based platform and stole $235 Million.
