Trilateral Meeting on North Korea’s Illicit Crypto Financing
The National Security Advisors of the United States, South Korea, and Japan recently met at the White House to discuss a collective response to North Korea’s use of cryptocurrency to finance its weapons of mass destruction programs. Jake Sullivan, the US National Security Advisor, was joined by Cho Tae-Yong from South Korea and Takeo Akiba from Japan.
Increase in North Korea’s Crypto-Related Cyber Attacks
A report by TRM Labs revealed that North Korea-linked hackers stole $200 million worth of cryptocurrencies between January and August 2023. This accounted for more than 20% of all stolen crypto during that period. The report also highlighted an increase in cyber-attacks against cryptocurrency-related businesses by North Korea, suggesting a possible funding source for its weapons proliferation activity.
International Community Monitoring North Korea’s Crypto Activities
The international community has been closely monitoring North Korea’s involvement in cryptocurrency-related activities. In February, blockchain analytics company Chainalysis reported that experts believed North Korea was using stolen assets to fund its nuclear weapons programs. The US has also taken action, accusing the Lazarus Group of stealing over $600 million from Axie Infinity and imposing sanctions on North Korea’s cyber activities.
Hot Take: Combating North Korea’s Illicit Use of Cryptocurrency
National security officials from the United States, South Korea, and Japan have come together to address the issue of North Korea’s illicit use of cryptocurrency to fund its weapons programs. This trilateral meeting signifies a united front in combating the threat posed by North Korean cyber attacks and emphasizes the international community’s commitment to monitoring and countering these activities. With increased cooperation and collective efforts, there is hope for mitigating the impact of North Korea’s crypto financing on global security.
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