North Korea’s cybercrime network steals billions of dollars

Jakarta, Pintu News – The United States government recently announced sanctions against eight banks involved in laundering money from cybercrimes committed by North Korea. These crimes included the theft of cryptocurrency used to finance the country’s nuclear weapons program.

Lazarus Group: Mastermind of Cyber Attacks

The Lazarus group, which operates under the auspices of North Korea’s intelligence agency, has long been recognized as the main culprit behind various massive cryptocurrency heists. In 2025, they managed to steal $1.4 billion in Ethereum (ETH) and related tokens from Dubai-based Bybit. This was one of the largest thefts ever recorded.

The group uses advanced techniques and continues to develop its cyber capabilities to launch larger and more complex attacks. In recent years, Lazarus has shifted its focus to large-scale cryptocurrency thefts, demonstrating increased capabilities and global reach.

These thefts not only harm victims but also destabilize global financial security. The US government has stepped up efforts to combat North Korea’s growing financial crime network in response.

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China and Russia’s Role in Crime Networks

According to a release from the US Treasury Department, the sanctioned individuals are based primarily in China and Russia. They were allegedly involved in moving proceeds from crypto theft, ransomware operations, and IT fraud through global financial channels. Two bankers, Jang Kuk Chol and Ho Jong Son, are known to have handled approximately $5.3 million in cryptocurrency derived from ransomware and IT schemes.

Banks such as First Credit Bank and Ryujong Credit Bank, which were involved in Pyongyang’s sanctions evasion network, were also targeted. Korea Mangyongdae Computer Technology Company (KMCTC) was also sanctioned for hiring developers in China under false identities and sending half of their earnings back to Korea.

Global Impacts and Required Actions

Since 2024, North Korea has stolen nearly $2.84 billion in cryptocurrency, demonstrating the regime’s increasing cyber sophistication and global reach. Their money laundering network now stretches across Asia and Eastern Europe, while IT operators use AI-driven tactics to fund Pyongyang’s weapons programs.

Global losses continue to mount, and Seoul urges the international community to take coordinated action to curb North Korea’s growing cyber financing network. This is essential to maintain stable global security and prevent further escalation in the use of cybercrime for illicit financing.

Conclusion

These latest sanctions mark an important step in international efforts to address the threat posed by North Korea’s illegal activities. By identifying and targeting the individuals and entities involved, the world is moving closer to cutting off the flow of funds that support these dangerous weapons programs.

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Reference

• AMB Crypto. U.S. sanctions 8 bankers in $3B North Korea crypto crackdown: Report. Accessed on November 7, 2025