Cryptocurrency Scam Cyber Attack – North Korea

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Cryptocurrency Scam Cyber Attack  – North Korea.

Three North Korean military computer programmers have been charged after participating in cryptocurrency scam cyber attack with the purpose of stealing and extorting more than USD 1.3 billion in both money and crypto. They targeted financial institutions and companies by using malicious cryptocurrency applications and platforms. These individuals are the world’s leading bank robbers. The cyber location of these attacks means that the computer programmers could be located anywhere in the world while the cryptocurrency scams are taking place.

Related to the three computer programmers, a Canadian American citizen has pled guilty to being their money launderer and facilitating many ATM “cash-out” operations and cyber-aided bank heists.  

The FBI states that they will hold North Korea accountable for the crimes committed by their military officials. The cryptocurrency scam cyber attack is extensive and complicated and demonstrate the close-knit relationships that cyber criminals and government officials can have. These types of relationships can wreak havoc on institutions and other government agencies across the globe. Cyber crimes are becoming increasingly complicated and result in the perpetrators being difficult to pinpoint and stop.

The North Korean criminals participated in many different illegal activities. First, they committed cyber attacks on the entertainment industry, specifically Sony Pictures Entertainment. This was in retaliation for the movie “The Interview” in with North Korea’s leader was shown being assassinated and was frequently made fun of throughout the film. The group also committed cyber-enabled heists against banks in Vietnam, Bangladesh, Taiwan, Mexico, Malta, and Africa. They also completed cyber-enabled ATM cash-out thefts that the U.S. government calls “FASTCash.” A bank affected in this crime was BankIslami Pakistan Limited (BankIslami). They also created ransomware called Wannacry 2.0 and used it to extort and steal data from companies from 2017 to 2020. These are just a few examples of the criminal actions and cryptocurrency scams that the three North Korean military computer programmers facilitated.

The FBI has been able to obtain seizure warrants that allow the FBI to get the stolen cryptocurrency back from the individuals participating in this monstrous cryptocurrency scam cyber attack. The three individuals: Jon, Kim, and Park have been charged with one count of conspiracy to commit computer fraud and abuse, one count of conspiracy to commit wire fraud and bank fraud. The first charge carries a minimum of 5 years in prison and the second carries a minimum of 30 years in prison.

The charges in the indictment are allegations, and the defendant is presumed innocent unless and until proven guilty.

To prevent being victim of a cryptocurrency scam, contact us.

ISOG can help potential investors with verifying the legitimacy of cryptocurrency platforms and wallets. Where the investor has been defrauded, ISOG private investigators and forensic experts are expert in cryptocurrency fraud investigation and can trace the flow of the crypto up to the cryptocurrency exchanges used to convert crypto coins into currency.