North Korea uses hackers to generate funds despite sanctions

Summarised from 2 outlets · Updated 30 Oct, 15:53 · Archive

North Korea has developed a sophisticated hacking operation to generate income as it faces international sanctions.

North Korea, isolated by international sanctions, has developed an extensive hacking operation to generate revenue, according to both the Financial Times and Daily Mail.

The Daily Mail reports that dictator Kim Jong Un has established a system that identifies and cultivates technical talent from a young age with a view to forging an elite team of hackers. The isolated state has become known for raids on Hollywood studios, Asian central banks and cryptocurrency exchanges.

Most recently, the state is alleged to be behind a $6.3 billion hack of Binance, the world's largest cryptocurrency exchange. According to the Daily Mail, analysts linked to Pyongyang may have stolen close to double the total amount of cryptocurrency taken globally in the previous year. The attack occurred in around 20 minutes beginning late on Thursday. Binance halted withdrawals and suspended deposits following the breach. An initial investigation suggested the attack began with a hacked laptop belonging to one of Binance's engineers, which allowed an attacker to access one of its systems and make unauthorised withdrawals. US blockchain analysis firms TRM Labs and Chainalysis said the heist bore similarities to previous large attacks blamed on North Korea.

How it is being reported

• How Kim Jong Un has built the world's most feared team of hackers - with skilled youngsters identified early and trained to become elite cyber thievesCash-strapped North Korea, cut off from the rest of the world by sanctions, is resorting to cyber warfare to help support itself.Daily Mail · 30 Oct, 15:30
• How North Korea became a hacking superpowerCash-strapped state, cut off by sanctions, has invested heavily in cyber warfare to help support itselfFinancial Times · 30 Oct, 11:20

In this story: North Korea · Kim Jong Un · Binance · TRM Labs · Chainalysis

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log