North Korean hackers are suspected of stealing cryptocurrency from bitcoin investors and other similar schemes, as part of Pyongyang's new strategy to boost their economy amid tight international sanctions - according to reports from cyber analysts.
The new strategy marks a shift in tactics from what was previously done by North Korea - which usually targets conventional financial and investment institutions.
Analysts say the shift shows Pyongyang is looking for new sources of revenue amid widespread economic sanctions from the international community. The income they earn from that method, might be used to finance their nuclear weapons program, as quoted by The South China Morning Post on Monday (12/03/2018).
"Previously, hackers directly attacked the stock market or staff working at the institution. But now, they are attacking cryptocurrency users directly," said Simon Choi, founder of the cyber agency research group IssueMakersLab.
"With the United States, the United Nations and others imposing sanctions on the North Korean economy, the country is in an economically difficult position, and the realm of cryptocurrency has been seen as a good opportunity."
Kwon Seok-chul, CEO of the South Korean cyber security company Cuvepia, said his company has detected more than 30 cases since April in which suspected North Korean hackers preyed on people holding cryptocurrency.
"Targets are often ordinary people who invest in cryptocurrency," Kwon said, adding that some cases might not be detected and that the actual number might be more than 100.
"In fact, when cryptocurrency was hacked, no one could make a complaint, so hackers increasingly hacked into cryptocurrency."
Hackers usually send e-mails to victims with text files that when opened, infect computers with malware that gives them control of the device. Victims are usually bitcoin investors from South Korea, Choi said.
This new tactic, Choi said, might be triggered by a response from conventional banking and investment institutions that began to strengthen their cyber defense - something that might be done to anticipate North Korean hackers.
Cryptocurrency has become an attractive target for hackers. An investigation conducted by Thomson-Reuters last year found that more than US $ 6 billion in bitcoin has been stolen since 2011.