White House highlights cryptocurrency risks, citing N. Korean cyber theft

The White House emphasized the need to enhance cyber security on Friday, highlighting cyber thefts committed by North Korean actors.

It said poor cybersecurity has allowed North Korea to steal over US$1 billion in cryptocurrency.

“Some cryptocurrency entities ignore applicable financial regulations and basic risk controls—practices that protect the country’s households, businesses, and economy,” it said in a press released, titled, “The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks.”

“And there is poor cybersecurity across the industry that enabled the Democratic People’s Republic of Korea to steal over a billion dollars to fund its aggressive missile program,” it added.

Anne Neuberger, deputy national security advisor at the White House for cyber and emerging technologies, earlier said Pyongyang is believed to finance some 30 percent of its illicit weapons programs with proceeds from illegal cyber activities.

“North Korean malicious cyber activity is of significant concern. You saw we attributed a number of North Korean cyber attacks against cryptocurrency infrastructure that we believe netted North Korea vast sums of money,” Neuberger has said.

The U.S. has said a North Korean hacker group, Lazarus, stole nearly $620 million from online game Axie Infinity in one of the single largest cyber theft cases in 2022.

Source: Yonhap News Agency

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