• North Korean hackers have reportedly stolen over $1 billion from the crypto industry.
• The US Security Council report noted that these bad actors use sophisticated cyber techniques to access digital networks involved in finance and steal valuable information.
• The panel urged member countries to heed guidelines from the anti-money-laundering Financial Action Task Force in order to curb the increasing value of stolen funds in crypto.
North Korean Hackers Stole Over $1 Billion From Crypto Industry
The global crypto market has continued to grow in adoption, however, the infiltration of bad actors has appeared to be inevitable. One of the prominent ones which is the North Korean hackers is now said to have stolen over $1 billion from the crypto industry according to an annual report from the United States Security Council.
How Did They Do It?
North Korean hackers have been preying on the crypto market while taking advantage of every little loophole discovered. The report noted that these bad actors carry out these crypto crimes via advanced scopes and techniques such as exploiting basic cryptocurrency and blockchain features which make it more difficult to track.
Sanctions Against North Korea
Though North Korea has continued to deny any claims of wrongdoings, sanctions against them have continued to accumulate for their involvement in illicit activities with many investigations still ongoing regarding their exports of military communications equipment to Russia.
Financial Action Task Force Guidelines
In order for countries around the world combat this rising threat, they are encouraged by panelists who wrote this report are encouraged by them to heed guidelines from the anti-money-laundering Financial Action Task Force (FATF). This would help administrations curb illegal activities related with cryptos such as money laundering and terrorist financing.
Funds Used For Weapons Of Mass Destruction?
The funds North Korea stole from the cryptocurrency industry may be used for acquiring weapons of mass destruction according to reports. This adds a whole new dimension of danger when it comes down fighting crime involving virtual assets as these could potentially end up being used for nefarious purposes should they not be tracked soon enough or identified properly by law enforcement agencies worldwide.