White House: North Korea funds about half of its missile program through cryptocurrency theft

About half of North Korea’s missile program is financed through cyberattacks and cryptocurrency theft. CNN reports this, citing White House deputy national security adviser for cyber security and new technologies Anne Neuberger.

\n\n

According to her, U.S. intelligence agencies are working to identify North Korean operatives, and the Treasury Department tracks the stolen cryptocurrency.

\n\n

\”The administration spends a lot of time and effort solving this problem,\” the official added.

\n\n

Neuberger noted that the amount of stolen cryptocurrency has risen significantly since July 2022, signaling the use of cybercrime as a key survival strategy for the North Korean regime.

\n\n

Separately, the Nikkei newspaper reported that since 2017 North Korean hackers have stolen cryptocurrencies from accounts opened in Japan worth about $720 million, accounting for roughly 30% of the total value of crypto assets they have stolen on the international market over that period.

\n\n

Around $540 million in cryptocurrencies were stolen from Vietnamese citizens, another $497 million—from U.S. citizens. Meanwhile Japan, the publication notes, tops this list owing to the growing popularity of digital currencies in the country and vulnerabilities in the computer systems of local companies.

\n\n

According to the UN, in 2022 North Korean hackers stole a record amount of cryptocurrency and targeted the networks of foreign aerospace and defence companies.

\n\n

South Korea estimates the damage at $630 million, while cybersecurity experts put it at more than $1 billion. In turn, Chainalysis analysts say about $1.7 billion in cryptocurrencies were obtained as a result of cyberattacks.

\n\n

The UN has repeatedly warned that North Korea continues to develop its nuclear programs, and a major source of financing are funds obtained from attacks on Bitcoin exchanges. In 2019, UN sanctions monitors reported that Pyongyang had received about $2 billion for these purposes over several years.