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Under heavy and sustained pressure from decades of economic sanctions, North Korea has rapidly expanded its illicit activity within the cyber domain. In particular, Pyongyang has demonstrated an increasing interest in using evolving financial platforms, such as cryptocurrency and blockchain technology, to compensate for the fiscal losses related to economic sanctions on more traditional forms of commercial activity. Through analyzing three case studies of major North Korean hacks from 2018 to 2020, CNAS partnered with leading blockchain analytics firm TRM Labs to identify key strengths and vulnerabilities in North Korea’s illicit cyber operations to infiltrate cryptocurrency exchanges in order to steal, launder, and liquidate funds.
On Wednesday, April 20 CNAS hosted a virtual discussion about these issues and the release of the new report, “Following the Crypto: Using Blockchain Analysis to Assess the Strengths and Vulnerabilities of North Korean Hackers.”
Keynote Speaker:
Eric Penton-Voak
Coordinator, Panel of Experts, Democratic People’s Republic of Korea (DPRK)
United Nations Security Council
Panel Discussion:
Jason Bartlett
Research Associate Energy, Economics, and Security Program
Center for a New American Security
Dr. Duyeon Kim
Adjunct Senior Fellow Indo-Pacific Security Program
Center for a New American Security
Nick Carlsen
Blockchain Intelligence Analyst
TRM Labs
Moderated By:
Yaya Fanusie
Adjunct Senior Fellow Energy, Economics, and Security Program
Center for a New American Security