North Korea stole billions of dollars to build its nuclear arsenal

The US Treasury Department has revealed it has sanctioned eight North Korean individuals, along with two entities that are linked to cybercrime networks responsible for the theft of millions of dollars of cryptocurrency.

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According to the Treasury Department, North Korean cybercrime operations have amounted to as much as $3 billion worth of cryptocurrency being stolen from banks, cryptocurrency exchanges, and other digital platforms, all of which have been funneled back into the North Korean government to fund the development of its nuclear weapons program.

US officials have sanctioned Jang Kuk Chol and Ho Jong Son, who assisted in the management of $5.3 million in cryptocurrency that is connected to ransomware attacks and revenue from North Korean hackers. Furthermore, US officials have also sanctioned an IT firm called Korea Mangyongdae Computer Technology Corp., which runs IT worker delegations in China and uses local proxies to hide the source of stolen funds.

The stolen funds were laundered between China and North Korea with the assistance of the Ryujong Credit Bank located in Pyongyang, and as a result, that bank has been sanctioned. Additionally, banking representatives from North Korea were also targeted for assisting in the movement of millions of dollars through global financial networks.

North Korean hackers were using various tactics to steal cryptocurrency funds, such as social engineering, malware, and ransomware. Experts have warned that these tactics are highly sophisticated.