IT Specialists Arrested in North Korea for Laundering State Funds via Cryptocurrency

A group of IT specialists suspected of laundering state funds through cryptocurrency has been detained in Pyongyang. They hacked into the internal networks of the Central Bank of North Korea and the Foreign Trade Bank, transferring stolen assets abroad through cryptocurrency wallets. The core of the group consisted of former military personnel from the cyber units of the General Intelligence and Information Bureau, who recruited graduates from local universities. The investigation revealed that the participants used Chinese equipment, communicated via encrypted messengers, and split amounts into smaller transfers to avoid detection. They sent funds to overseas cryptocurrency wallets, passing the assets through Chinese brokers and converting them into cryptocurrency. The probe began due to discrepancies in currency payments and attempts to access banking systems from foreign IP addresses. Investigators traced the encrypted traffic to an apartment in Pyongyang, where a raid took place on July 12, resulting in the detention of all participants and the seizure of equipment worth hundreds of thousands of dollars. Following the operation, security was heightened at both banks, and interception vehicles began circulating in the city.

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