North Korean Hackers Steal Record-Breaking Amount of Cryptocurrency, US Imposes Sanctions on Four Entities and One Individual
A Shocking Revelation: North Korean Hackers Steal Over $630 Million in Virtual Currency
In a stunning revelation, North Korean hackers have stolen more virtual currency in 2022 than in any previous year, with estimates ranging from $630 million to over $1 billion. The Democratic People’s Republic of Korea (DPRK) has been accused of using the stolen funds to generate revenue for its government.
US Imposes Sanctions on Four Entities and One Individual
To combat this illicit activity, the US Department of Treasury has imposed sanctions on four entities and one individual involved in malicious online activities. The sanctioned entities include:
- Pyongyang University of Automation: A premier cybersecurity instruction institution that trains malicious cybersecurity actors who go on to work in cybersecurity units subordinate to the Reconnaissance General Bureau (RGB).
- Technical Reconnaissance Bureau: Led by the RGB, develops offensive cybersecurity tactics and tools and operates several departments, including those affiliated with the Lazarus Group.
- 110th Research Center: Conducts cyberattacks against networks worldwide, including in the US and South Korea, and has stolen sensitive government information from South Korea related to its military defense and response planning.
- Chinyong Information Technology Cooperation Company: Associated with the UN and US-sanctioned Ministry of Peoples’ Armed Forces and employs delegations of DPRK IT workers that operate in Russia and Laos.
Additionally, Kim Sang Man, a representative of Chinyong’s office located in Vladivostok, Russia, has been accused of involvement in the payment of salaries to family members of Chinyong’s overseas DPRK worker delegations.
Aim of Sanctions: Preventing Revenue Generation through Illicit Activities
The sanctions are aimed at preventing North Korea from generating revenue through illicit activities such as cybertheft. The US Department of Treasury stated that “the DPRK conducts malicious cyber activities and deploys information technology workers abroad who fraudulently obtain employment to generate revenue that supports the Kim regime.”
Coordination with South Korea: A Stronger Front Against North Korean Illicit Activities
The sanctions have been taken in coordination with South Korea, which has concurrently imposed sanctions against one entity and one individual associated with overseas DPRK IT workers. The US Department of Treasury warned that the DPRK’s extensive illicit cybersecurity and IT worker operations threaten international security by financing the DPRK regime and its dangerous activities, including its unlawful weapons of mass destruction (WMD) and missile programs.
Commitment to Combating North Korean Illicit Activities
The US is committed to combating North Korea’s illicit activities and will continue to hold the regime responsible for its actions. The sanctions are a significant step in preventing North Korea from generating revenue through illegal means and disrupting its malicious cyber activities.