The DPRK’s Lazarus hacking group used malware to infect servers controlling ATMs, allowing the group to withdraw cash. While the group is believed to act on behalf of the state, some reports suggest that the group is now primarily motivated by profit. The group is believed to have been behind the Bangladesh central bank heist […]

The US Department of the Treasury has imposed sanctions against Singapore-based companies and their director for evading sanctions targeting North Korea.  Tan Wee Beng, the director and shareholder of a Singapore-based commodities trading company Wee Tiong Holdings is accused of hiding the origin of payments and structuring transactions in order to help acquire goods for […]

Cyber actors are reported to have committed financial crimes on behalf of North Korea, raising money for the country’s ballistic missile and nuclear programs. DPRK is believed to have generated $1.1 billion from this activity, and $100 million in 2014 alone. In February 2016, the country’s cyber actors executed a cyber attack on the SWIFT […]

According to a recent article, DPRK is increasingly using cryptocurrencies to evade sanctions and gain access to foreign currency, specifically US dollars. Previous reports have indicated that North Korea has stolen cryptocurrency as part of its efforts to evade international sanctions. Lourdes Miranda and Ross Delston have stated that North Korea is creating its own […]

Several companies have been designated by the US Department of the Treasury for their role in helping North Korea fund its nuclear weapons and ballistic missiles programs.  DPRK is believed to have earned revenues from overseas information technology workers, and some of those funds have helped finance North Korea’s proliferation activities.  One DPRK operative used […]

The US has designated several companies involved in helping North Korea evade sanctions and finance its WMD programs. Dalian Sun Moon Star International Logistics Trading Co. and its Singapore-based affiliate Sinsms Pte. Ltd are the subjects of new sanctions. They are reported to have used falsified shipping documents to facilitate the shopping of  alcohol, tobacco […]

North Korea is believed to have illegally imported coal and iron into South Korea by transhipping it through Russia, according to recent reports. According to South Korea, approximately $6 million worth of coal and pig iron illegally entered their ports last year from North Korea, potentially in violation of UN sanctions. Three local companies were […]

Effectively implementing sanctions against North Korea has been a difficult proposition. Despite sanctions, North Korea continues to raise foreign exchange to pay for imports from China. Part of the reason for this difficulty is that the country’s trade and finance networks operate unofficially, largely outside the detection capabilities of regulators, which in turn is partly due to […]

The DPRK uses a variety of schemes to circumvent sanctions and obtain the goods and services it requires. Recent reports reveal the details of one such procurement network in Malaysia. North Korean operatives abroad are known to engage in international trade in order to generate cash and obtain goods. Ri Jong Chol was one such […]

In addition to the usual ways that countries evade sanctions, North Korea has undertaken a new method – stealing cryptocurrency. A string of thefts against South Korean cryptocurrency exchanges have been blamed on the DPRK. Billions of won (in cryptocurrency) have been stolen, primarily through malware-laden spear-phishing emails. North Korea employs an elite hacker group, […]

North Korea has ‘laundered’ its coal through Russian ports, contravening UN sanctions. The DPRK is suspected of having shipped coal to a port in Russia, and departed with, at least in part, Russian coal, in what is described as a sanctions-busting scheme. The scheme appears to also have been facilitated by the use of front […]

If you’re looking for a broad overview of the cryptocurrency sector, look no further, as Cambridge’s Centre for Alternative Finance has produced an in-depth analysis on the subject. It provides a robust overview of the different industry sectors (exchanges, wallets, payments and mining) with loads of visuals and data. The one thing missing (though likely […]