Cryptocurrency thefts will increase due to hacker attacks

Panda Security, a Spanish cybersecurity and software firm, predicts a «surge in fraud and attempts at massive virtual asset theft» in 2023. The firm said that hackers from North Korea will try to «exploit the renewed public interest in cryptocurrencies» when the market recovers from the crypto crisis. Analysts believe that Pyongyang will «increasingly focus on illegal cyber activities to steal cryptocurrencies.»

Digital assets have become an important source of funding for North Korea’s nuclear programs and development of weapons of mass destruction. Analysts have repeatedly argued that it was through cryptocurrency theft and laundering that North Korea was able to launch 70 ballistic missiles in 2022, despite the sanctions imposed by the civilized world. South Korean media outlets note that Pyongyang will need «foreign currency» to finance its nuclear development, which means that «the growth of illegal cyber activities will be inevitable.» First of all, we are talking about the most famous hacker group Lazarus Group.

The claims of Spanish cybersecurity experts came after statements by the National Intelligence Service of South Korea (NIS). The agency recently reported that over the past five years, North Korean hackers have stolen crypto assets worth approximately $ 1.2 billion, with most of this amount stolen in 2022. The NIS agrees with its Spanish colleagues and also assumes an increase in the number of hacker attacks ordered by Pyongyang this year.

Panda Security believes that the UN is likely to respond to future cryptocurrency crimes with further sanctions. Security providers emphasize that Pyongyang is currently using fake crypto wallets and clone applications of crypto exchanges that spread the Trojan virus during installation. The malware compromises the computers of its victims, allowing hackers to get in and subsequently steal coins.