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News Topical, Digital Desk : North Korean hackers have looted billions of dollars by breaching cryptocurrency exchanges and securing remote tech jobs at foreign companies using fake identities.

According to an international report, the North Korean government did all this to fund its nuclear weapons research and development. The 138-page report was released by the Multilateral Sanctions Monitoring Team, which includes the United States and 10 other partner countries. This team was created to monitor North Korea's compliance with UN sanctions.

The report said North Korea used cryptocurrencies for money laundering and military procurement to circumvent international sanctions related to its nuclear program. Its hackers targeted foreign companies and organizations, disrupting their networks with malware and stealing sensitive data.

North Korea is adept at hacking

Despite being a small and isolated country, North Korea has invested heavily in cyberattacks. Its hacking capabilities now rival those of powerful nations like China and Russia. This poses a significant threat to foreign governments, businesses, and individuals. Unlike other countries like China, Russia, and Iran, North Korea primarily uses its cyber power to fund its own government.

North Korea's cyberattacks, supported by Russia and China, have destroyed computer equipment, endangered lives, and damaged private property. They have also been used to fund illegal weapons and missile programs. The monitoring team includes the United States, Australia, Canada, France, Germany, Italy, Japan, the Netherlands, New Zealand, South Korea, and the United Kingdom.

Record-breaking crypto theft

Earlier this year, hackers linked to North Korea stole $1.5 billion worth of Ethereum from the crypto exchange Bybit, one of the largest crypto thefts ever. The FBI linked the theft to hackers linked to North Korea's intelligence service. Furthermore, US officials say that thousands of IT staff working for American companies were actually North Koreans with fake identities.

These employees accessed the companies' internal systems and wired their salaries to the North Korean government. In some cases, they also worked multiple remote jobs simultaneously. North Korea's UN mission remained unresponsive.


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