North Korea has emerged as a global cyber powerhouse, with raids on Hollywood studios, Asian central banks and crypto exchanges bolstering its reputation for brazen hacking operations. The regime's alleged involvement in the $6.3bn hack of Binance this week is believed to be the world's biggest-ever crypto theft, with attackers linked to Pyongyang potentially swiping close to double the total amount of crypto stolen worldwide last year — equivalent to almost a fifth of North Korea's gross national income.
Binance, the world's largest cryptocurrency exchange, has suspended all withdrawals and deposits after an initial investigation revealed hackers compromised an engineer's laptop. Shin Beom-chul, South Korea's former vice-defence minister, told the FT that North Korean hackers are among the world's most aggressive and highly skilled cyber actors, receiving systematic training to generate foreign currency for the regime.
North Korea's cyber warfare capabilities have been bolstered by closer ties with Russia, exchanging weapons and troops for billions in cash and fuel. Last year alone, North Korean hackers stole about $2bn — roughly 60% of the global total. The regime operates an estimated 8,400 personnel in cyber warfare, with elite training programs at institutions like Pyongyang's Moranbong College combining military studies with hacking and code-breaking.
Source: Financial Times Markets · Summarized by HeadlinesBriefing