The allegation that an elite hacker group trained by the state in North Korea stole and laundered regime funds through crypto assets has come to the fore. According to information obtained by Daily NK from an unnamed source within Pyongyang, the group in question infiltrated the internal networks of the Central Bank of North Korea and the Foreign Trade Bank.
The investigation concluded on July 12
The group was allegedly detained en masse on July 12 following an internal investigation tracking suspicious cryptocurrency transfers. Authorities traced the transactions to a safe house in Pyongyang.
In the framework reported by Daily NK, former names who served in a cyber warfare unit affiliated with the General Bureau of Reconnaissance and Intelligence came to the fore. The group has recruited successful graduates from Kim Chaek University of Technology and Pyongyang University of Science; It was claimed that it used military-grade cyber capabilities, encrypted communication methods and wireless equipment of Chinese origin.
North Korean investigators traced suspicious crypto transactions to a safe house in Pyongyang, where the group was detained on July 12.
Chain of converting crypto assets into cash
Allegedly, intermediaries in China converted the obtained crypto assets into cash. It was then claimed that this money was converted into fiat currencies through connections operating in the border regions of North Korea.
North Korea has long been associated with state-sponsored cyber operations. The United Nations, the USA, South Korea and Japan have repeatedly brought to the agenda that cyber elements affiliated with Pyongyang have stolen billions of dollars of digital assets through structures including the Lazarus Group. Lazarus Group is known as a cyber attack organization frequently mentioned in international investigations and associated with North Korea.
Mini dictionary: Lazarus Group is the name given to a cyber attack organization that international security institutions consider to be linked to North Korea. The group is known for large-scale attacks, especially targeting crypto platforms.
Previous major attacks are on the agenda again
US officials accuse North Korean hackers of orchestrating some of the largest crypto thefts on record. These files include attacks related to Ronin Bridge, Harmony Horizon Bridge, Atomic Wallet, Alphapo, CoinEx, DMM Bitcoin and WazirX.
| institution or structure | Role mentioned in the news |
|---|---|
| Central Bank of North Korea | The institution whose internal network was allegedly infiltrated |
| Foreign Trade Bank | The institution whose internal network was allegedly infiltrated |
| Lazarus Group | Cyber structure associated with North Korea |
The Pyongyang administration had previously described the accusations originating from the USA and the United Nations as politically motivated and fabricated. If this last claim is true, it has been suggested that people trained to carry out advanced cyber operations on behalf of the state are this time targeting the country’s own financial institutions.
US officials continue to assess that North Korean hackers are behind a series of major crypto attacks ranging from Ronin Bridge to WazirX.
