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  • Justice Dept: North Korean Hackers Stole Virtual Currency

Justice Dept: North Korean Hackers Stole Virtual Currency

The seal of the United States Department of Justice is seen on the building exterior of the United States Attorney's Office of the Southern District of New York in Manhattan New York City U.S US Targets North Korea Hacking Theft of $250Mln With Forfeiture Complaint Justice Dept. says REUTERS ANDREW KELLY
Bennie Garza | 29 August, 2020, 13:56

According to an alert issued by the U.S. Department of Homeland Security (DHS), agencies including the Federal Bureau of Investigation, the U.S. Cyber Command, and the Department of the Treasury are moinotiring the resurgence of the North Korea-sponsored hacking group, BeagleBoyz.

US and global cybersecurity authorities have for years tracked increased North Korean hacking activity by groups affiliated with the communist regime.

"Today's action publicly exposes the ongoing connections between North Korea's cyber-hacking program and a Chinese cryptocurrency money laundering network".

During the first hack the North Korea-based hackers were able to make away with $272,000 worth of alternative cryptocurrencies and tokens. The security council has imposed sanctions on the country since 2006 in a bid to stop funding for mass destruction weapons. Also, the hackers reportedly used Chinese traders to launder their funds and were charged by the United States officers for laundering over $100 million for the North Korea Pyongyang's way of circumventing sanctions.

Taken together, the moves highlight the USA pursuit of increasingly sophisticated phishing and laundering efforts used by online North Korea operations that worldwide investigators estimate have raised up to $2 billion for the country's weapons programs. The theft represents "substantial revenue for North Korea, ' the agencies claimed". All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. However, the latest development in the country highlights one of its most notorious hacking groups and its apparent resurgence.

The statement refers to a hacking group that stole 81 million dollars from a bank in Bangladesh in 2016.

In 2018, federal prosecutors charged a computer programmer working for the North Korean government with cyberattacks that targeted Sony Pictures Entertainment and unleashed the WannaCry ransomware virus that infected computers in 150 countries and crippled parts of the British health care system. Given the exploits of other North Korea-affiliated hacker groups, the agency warns that companies be additionally vigilant.

The report explained that investigation efforts have been carried out by the Treasury Department, the FBI, and the U.S. Cyber Command. The presented documents did not show the hacks exchanges, but stated that two hacks were involved and took place on July 1, 2019 and September 25, 2019. The group was blamed for attacks on several cryptocurrency exchanges.

US officials said North Korean hackers stole more than a quarter billion dollars from cryptocurrency exchanges around the world.

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