North Korean are raising funding through Crypto Heists

The hermit nation has moved its aim from stealing coronavirus vaccine research to pilfering digital assets, according to a recent piece by internet security firm Mandiant.

According to a leading cybersecurity firm, the North Korean government is raising funds by enlisting the help of hacking gangs to commit crypto heists.

Country focused to steal

According to reports, the country is now targeting financial institutions and enterprises that provide services connected to cryptocurrency, as well as alleged defectors, media outlets, and bloggers.

This entity has shifted its focus away from “strictly Covid-19″ activities and toward defectors, defense and government employees, bloggers, the media, cryptocurrency services, and financial institutions.”

This increase in responsibility suggests that the group has quickly acquired the confidence of the DPRK’s senior leadership and is likely to attain prominence.

The Lazarus Group, a North Korean hacker group, has been accused of carrying out a robbery on cryptocurrency exchange KuCoin, which was labeled the greatest cryptocurrency theft of last year at $275 million in virtual currency.

Funds are used to destroy humankind

According to reports, the hack of Singapore-based KuCoin, which allows consumers to exchange Bitcoin, Ethereum, and other cryptocurrencies, increased Lazarus’ illegal profits to $1.75 billion. North Korea is suspected of utilizing stolen bitcoin to fund its nuclear programs, causing significant losses to the expanding virtual economy.

North Korea’s investment in offensive cybersecurity is paying off for Kim Jong-dictatorship, the un’s with a mix of more sophisticated digital attacks and massive cryptocurrency thefts while costing victims their privacy and, in some cases, their crypto fortune.

According to the cybersecurity firm, North Korea is most likely utilizing the stolen funds to support the development of vaccines and weapons, as well as to evade the US and other countries’ restrictions.

“Information obtained during these efforts might be used to build or generate internal goods and strategies, such as vaccines, sanctions mitigation, and finance for the country’s weapons programs, among other things,” says the report.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing