A new Microsoft report has revealed that North Korean hackers have stolen over $3 billion in cryptocurrency since 2017, with an estimated $600 million to $1 billion stolen in 2023 alone. According to Microsoft’s 2024 Digital Defense Report, these stolen funds are used to finance more than half of North Korea’s nuclear and missile programs.
The report, released on Thursday, emphasizes the increasing threat posed by cyberattacks, particularly those targeting the cryptocurrency sector. White House Cyber Deputy National Security Advisor Anne Neuberger commented that North Korea’s use of stolen cryptos helps it evade sanctions and supports its nuclear weapons and ballistic missile programs.
North Korean Threat Actors: Jade Sleet, Sapphire Sleet, Citrine Sleet
Since 2023, Microsoft has tracked three major North Korean cybercriminal groups: Jade Sleet, Sapphire Sleet, and Citrine Sleet. These groups have actively targeted cryptocurrency organizations. A newer group, Moonstone Sleet, developed a ransomware variant called FakePenny, which has been used against defense and aerospace organizations.
Microsoft’s analysts indicated that the increasing number of North Korean threat actors reflects the country’s expanding use of cybercriminal tools to enhance its financial resources.
Other Threat Actors: Iranian and Russian Cybercriminals
The Microsoft report also identified other prominent threat actors, particularly from Iran and Russia. Iranian nation-state actors have increasingly shifted their focus to financially motivated cyber operations, targeting Israel, the U.S., and Gulf countries like UAE and Bahrain. The report noted that these ransomware attacks are becoming more financially driven rather than destructive.
Russian threat groups, meanwhile, have outsourced cyber espionage to criminal organizations and are integrating more commodity malware in their operations.
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