North Korean Crypto Hacks Surge in 2023: UN Sanctions on the Horizon

• A security provider has predicted a „surge in fraudulent activities“ and attempts to „steal virtual assets“ from North Korea in 2023.
• Crypto has become „an important source of funding for North Korean nuclear programs and missile development,“ according to the media outlet.
• UN sanctions may be imposed in response to an increase in North Korean illegal cyber activities.

Experts have warned that North Korean crypto hacks are expected to „surge“ in the coming year. This prediction is made by Spanish cybersecurity software firm, Panda Security, who believes that the hackers from North Korea will exploit the renewed public interest in cryptocurrency as markets recover from crypto winter.

The South Korean media outlet Money S has reported that North Korea is expected to focus more on illegal cyber activities to raise funds from the cryptocurrency market in 2023. This is because crypto has become an important source of funding for North Korean nuclear programs and missile development. It is believed to be the reason that North Korea was able to launch 70 ballistic missiles on at least 33 occasions in 2022, despite international sanctions.

Lim Chul, a Professor at the Center for Far Eastern Studies at Kyungnam University, believes that in order to fund an ambitious weapons plan presented at a North Korean central committee plenary meeting at the end of last year, the country will need to increase its illegal cyber activities. In response, the UN may impose sanctions which could further hamper North Korea’s efforts.

Moreover, Panda Security also believes that attacks on major crypto exchanges are also likely in 2023 and may also harm users. It is believed that the hackers will target exchanges to steal virtual assets and money, thus providing a source of income for North Korea’s weapons program.

The security provider has warned that these activities can be expected to increase in the year ahead, making it essential for users to remain vigilant and ensure that their assets are secure. It is unclear what the exact impact of this increased activity will be, but it is certain that it has the potential to cause disruption to the cryptocurrency market.

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