North Korea’s cyber campaigns are taking aim at the digital asset economy – and industry leaders say the U.S. isn’t ready.
Bitcoin investor Tim Draper has urged Washington to treat financial security as a national priority, warning that the next frontier of conflict is digital and blockchain-based. His remarks follow a sharp increase in cyber intrusions linked to North Korean groups, who, he said, are deliberately trying to drain value from American businesses.
Former Binance chief Changpeng Zhao has also been sounding the alarm. He described how operatives from the “hermit kingdom” are applying for jobs at crypto companies, embedding themselves in developer, finance, and security teams. Others pose as customers, spamming support systems, or even attempting to bribe insiders for access.
2025: A Year of Record Losses
The scale of the damage is staggering. Data from Chainalysis shows that nearly $2.2 billion in digital assets has been stolen from crypto platforms this year alone. The single biggest heist – the $1.5 billion Bybit breach – was traced back to North Korean actors, underscoring how organized and well-resourced these groups have become.
In July, the U.S. Treasury blacklisted another North Korean hacking group tied to espionage campaigns. Yet sanctions have done little to slow the pace of theft. Attackers continue to target infrastructure weaknesses and insider vulnerabilities, exploiting the rapid growth of the crypto industry.
Draper’s Call for Action
Draper argues that the U.S. response has been too passive. With Bitcoin and blockchain now at the center of global finance, he says Washington must strengthen its defenses and take a more aggressive stance to safeguard economic security. “North Korea is actively draining value from American enterprises,” Draper warned, adding that ignoring the threat risks undermining confidence in both U.S. companies and the wider crypto sector.
For Draper and Zhao, the message is blunt: unless the U.S. acts decisively, North Korean hackers will continue to plunder digital assets, destabilize companies, and expose the weaknesses of an industry still finding its regulatory footing.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
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