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According to the United Nations Security Council, cryptocurrency valued at $3 billion has been stolen over the last seven years and used in weapons development. Recent investigations have revealed that crypto companies and wealthy individuals are being targeted on social media by North Korean hackers. The funds are reportedly being diverted for weapons development.
David Robinson, co-founder of Internet 2.0 and former Australian Army Intelligence Officer, highlighted these practices. “Consumers are at a huge risk from North Korean hackers,” Robinson said. “They’ve stolen $3 billion to date, according to the UN.”
The U.N. Security Council sanctions committee investigated 97 suspected North Korean cyberattacks on cryptocurrency companies between 2017 and 2024, totaling $3.6 billion. These hackers have stolen funds from crypto platforms, consumers, and high-end individuals who use crypto for business transactions. Chainalysis estimated that North Korean hackers stole $400 million in 2021, mostly Ethereum (ETH).
New Hacking Techniques
In May, reports surfaced of North Korean hackers using a new malware variant named “Durian” to target cryptocurrency companies in South Korea. A threat report dated May 9 from cybersecurity company Kaspersky revealed that the North Korean hacking group Kimsuky used malicious software in specific attacks directed at two cryptocurrency companies. These attacks exploited legitimate security software used solely by South Korean crypto firms.
Social Media Scams
North Korean hackers use social media to create fake profiles of celebrities or professionals to promote crypto dumps, fraudulent schemes, and phishing links. They employ classic crypto fraud techniques like sending malicious links via messages or comments that lead to websites mimicking crypto exchanges.
Collaboration with Russia
Blockchain analysts have reported increasing collaboration between Russia-based crypto exchanges and North Korean hacking groups since 2021, as international monitoring hampers North Korea’s on-chain activities. Chainalysis revealed that these groups frequently use Russian exchanges to launder stolen crypto from various platforms.
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