The Invisible Fortune of North Korea: How it Became a Secret Power in Bitcoin
While the world debates the future of cryptocurrencies, they have become an economic lifesaver. North Korea has amassed a digital fortune that allows it to bypass sanctions, fund itself, and remain immune to international pressure with total impunity.
Unprecedented Digital Loot
In 2024, North Korea was involved in some of the largest cryptocurrency thefts ever recorded. These cyberattacks, coordinated by the famous Lazarus Group, allowed the regime to obtain billions of dollars in digital tokens. One notable attack occurred in February when they infiltrated ByBit, a Dubai-based exchange platform, and extracted 1.3 billion euros in ethereum. These attacks positioned North Korea just behind the United States and the United Kingdom, holding over 13,500 bitcoins – about 1.14 billion dollars.
Social Engineering and Infiltration Tactics: The New Face of Cybercrime
Unlike the stereotype of the lone hacker, North Korea operates with state resources, time, and strategy. According to analyst Aditya Das, their specialty is no longer just code but social engineering: they impersonate identities, infiltrate as fake recruiters or IT employees, and gain access to key systems from within. Once inside, they irreversibly extract funds as blockchain transactions cannot be undone and are protected by the state.
Cryptocurrencies: A Lifesaver for Pyongyang
In recent years, North Korea has shifted from practices like drug smuggling, arms trafficking, and sending military instructors to obtaining foreign currencies. They have replaced these channels with cryptocurrencies, which have become vital for the regime’s survival. This shift has been accompanied by heavy investments in training top talents in offensive cybersecurity, with the primary goal being the perfection of digital theft as the main source of illegal income.
Unrestrained by international norms, and with an increasing number of victims
Despite warnings from organizations like the FBI, North Korea has shown no signs of respecting international law. As long as their cyber operations are successful, they will continue to move forward. In response, cryptocurrency companies have started to collaborate and share information to identify patterns and prevent future attacks. However, the lack of global security standards and the fragmentation of the crypto ecosystem remain significant challenges.
For now, North Korea has found in cryptocurrencies more than just a financial resource: a shield against the world, untraceable and extremely difficult to neutralize.
