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North Korea
2026-07-28 11:20:07

Report says former North Korean military hackers breached state banks and funneled funds into crypto

A report cited by Daily NK says a criminal group made up of former North Korean military hackers infiltrated the internal systems of the Central Bank of the Democratic People’s Republic of Korea and the country’s Trade Bank, then converted stolen state trade funds into cryptocurrency. The report says the money was split into small transfers, sent to overseas crypto wallets, converted into cash through brokers in China, and exchanged into U.S. dollars and Chinese yuan in border areas including Sinuiju and Hyesan. According to Daily NK, North Korea’s state intelligence agency uncovered the activity after detecting small discrepancies during foreign-currency payment reviews and spotting suspicious overseas IP access records. Investigators then traced encrypted traffic tied to crypto transactions to a safe house in Pyongyang and carried out a raid on July 12, arresting the alleged ringleaders and IT personnel. The report says authorities seized computer equipment worth hundreds of thousands of dollars and multiple unregistered mobile phones allegedly used to avoid surveillance. CoinDesk and Cybernews both cited the Daily NK report, while noting that the claims could not be independently verified. The report also placed the case in the broader context of North Korea-linked crypto crime, citing a CertiK report published in May that said North Korea-linked hacking groups were responsible for $2.06 billion in crypto losses in 2025, or 60% of the global total.

2020
Report says former North Korean military hackers breached state banks and funneled funds into crypto
North Korea
2026-07-25 10:44:13

North Korea Reportedly Busts Bank Hacking Ring That Moved Stolen Funds Through Crypto

North Korea’s State Intelligence Bureau raided a safe house in Pyongyang on July 12 and arrested a hacking group accused of breaching the internal networks of the country’s central bank and a trade bank, according to BlockBeats. A source in Pyongyang said the group was led by former members of a cyber warfare unit under the Reconnaissance and Intelligence General Bureau. The report says the group recruited young IT talent from Kim Chaek University of Technology and Pyongyang University of Science and Technology. Using skills developed through military and university training, they allegedly broke into the banks’ internal systems and external payment infrastructure, split stolen state trade funds into small transfers, and moved the money to overseas cryptocurrency wallets before brokers exchanged it into cash. The same report says the ring set up bases in border areas including Sinuiju in North Pyongan Province and Hyesan in Ryanggang Province to convert laundered crypto into U.S. dollars in real time. Investigators reportedly traced the operation after central bank officials spotted irregular small-value entries in foreign-exchange payment approvals and suspicious logins from overseas IP addresses. The raid allegedly led to the seizure of computer equipment worth hundreds of thousands of dollars and a large number of unregistered burner phones. The case has reportedly shaken senior circles in Pyongyang, the military, and universities.

1990
North Korea Reportedly Busts Bank Hacking Ring That Moved Stolen Funds Through Crypto
North Korea
2026-07-25 09:26:00

North Korea arrests hacking ring accused of breaching central bank and laundering funds through crypto

North Korean authorities arrested an elite hacking ring on July 12 that is accused of infiltrating the internal networks of the country’s central bank and foreign trade bank, stealing state trade funds and laundering the proceeds through cryptocurrency, according to South Korean media outlet Daily NK. The report said the group was led by a former member of a cyberwarfare unit under the Reconnaissance General Bureau and recruited top IT graduates from Kim Chaek University of Technology and Pyongyang University of Science and Technology. According to the report, the stolen money was broken into smaller transfers and moved to overseas crypto wallets, then converted into cash through intermediaries before being exchanged into U.S. dollars and other funds in border areas. Investigators reportedly opened the case after officials in Pyongyang detected irregularities in foreign-currency payment approvals and overseas IP access logs. Authorities later raided a safe house, arrested suspects who were allegedly in the middle of laundering money, and seized equipment worth hundreds of thousands of dollars. The case has reportedly sent shockwaves through Pyongyang’s elite and military circles. Daily NK said senior figures in the Reconnaissance General Bureau and the science and technology education sector fear being implicated. The report also noted that while North Korea has long been accused of using groups such as Lazarus Group to steal billions in crypto assets, this case unusually suggests that the country’s own financial system was also targeted from within.

1840
North Korea arrests hacking ring accused of breaching central bank and laundering funds through crypto