Pyongyang Arrests State-Backed Hackers for Stealing $Billions in Crypto

North Korean authorities have arrested a group of former military hackers accused of stealing from two state banks.

The alleged hacking incident occurred at the Central Bank of the DPRK and the Foreign Trade Bank, with stolen funds being converted to cryptocurrency and laundered through Chinese-based brokers.

The group used small transfers and encrypted messaging apps to avoid detection, splitting payments into tiny amounts and using unregistered phones and wireless equipment from China.

The arrests were made on July 12 at a Pyongyang safe house after suspicious activity was flagged by officials. The individuals involved were reportedly IT specialists and former military hackers who worked for the North Korean government.