North Korea is set to convert a part of its stolen crypto to support its nuclear mission. According to Eric Wall’s analysis, North Korean hackers are anticipated to exchange all ERC20 tokens for ETH, then all of the ETH they acquire for Bitcoin, and then, gradually, exchange the Bitcoin for CNY via Asian exchanges.
Eric Walls quotes UN reports to argue that between 2017 and 2023, North Korea stole around $3 billion in funds from crypto hacks. This money will go toward North Korea’s ballistic missile and nuclear weapons projects.
North Korea’s Ballistic Missile Plan Takes Heat Amid Rise in Stolen Crypto
Using digital currencies to finance the regime’s weapons development, North Korean hackers have been targeting the cryptocurrency industry more and more in recent years.
Due to international sanctions that have financially isolated the nation, cybercriminals associated with the North Korean government have made bitcoin theft their main source of income. With a focus on exchanges, decentralized finance (DeFi) systems, and individual cryptocurrency wallets, these hackers have planned well-publicized attempts to steal digital assets valued at millions of dollars.
After being acquired, the stolen money is frequently routed through a number of exchanges, occasionally in nations with loose restrictions, and laundered by being converted into more popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
Also Read: Phemex Exchange Hack: Reports Suggest Involvement of North Korea in the $70M Crypto Heist
In order to fund the regime’s nuclear and ballistic missile projects, the ultimate objective is to turn these digital assets into actual currency. This increase in cyberattacks demonstrates how cybersecurity, geopolitics, and the global crypto scene are increasingly overlapping.
Famous North Korean Hacks: What Has Happened So Far?
North Korean hackers have targeted exchanges and platforms worldwide in a number of well-publicized cryptocurrency thefts. They were implicated in the $281 million KuCoin exchange attack in 2020, when they used flaws to steal Ethereum, ERC20, and Bitcoin tokens.
In 2018, $60 million worth of cryptocurrency was taken from the South Korean exchange Yapizon by the North Korean hacker collective Lazarus Group.
In addition to the $1 billion hack of the Bangladesh Bank’s SWIFT system in 2017, which was later turned into cryptocurrency, the same organization has been linked to a number of other attacks against cryptocurrency exchanges.
North Korean hackers frequently use intricate procedures to launder the stolen funds, turning them into Bitcoin or Ethereum before sending them across international boundaries to finance the regime’s nuclear and missile projects.
Also Read: US & Japanese Authorities Blame North Korean Hackers For $308M Heist on Japanese Crypto Exchange