On Wednesday, the US government warned that North Korea’s Beagle Boys Robbing Banks around the world to make fraudulent remittances and cause money to be released from ATMs.
A cybersecurity technical warning, written jointly by four different federal agencies, said: There is a resurgence in the financially motivated hacking efforts by the North Korean regime this year after a lull in activity.
The warning reads: Since February 2020, North Korea has targeted banks in many countries to initiate fraudulent international money transfers and cash out of ATMs.
US law enforcement agencies dubbed the hacking campaign “FAST Cash 2.0” and blamed the General Bureau of Reconnaissance in North Korea, a spy agency.
Agencies, including the Treasury Department, the FBI, and the Cybersecurity and Infrastructure Security Agency, described the process as having been ongoing since at least 2016 but has recently increased in complexity and scale.
Over the past several years, US authorities and cyber security companies in the private sector have blamed North Korea for breaching numerous banks in Asia, South America and Africa.
According to the warning, the hacking team, codenamed BeagleBoyz, is under the control of North Korean intelligence, and said BeagleBoyz represents a subset of HIDDEN COBRA’s activity.
BeagleBoyz’s efforts included the misuse of SWIFT points managed by the bank and theft of cryptocurrencies, resulting in millions of cryptocurrencies being stolen.
BeagleBoyz attempted to steal nearly $ 2 billion, and according to the Cybersecurity and Infrastructure Security Agency, these thefts pose severe operational risks to individual companies in terms of reputational and financial damage.
In addition to stealing traditional financial institutions, BeagleBoyz targets cryptocurrency platforms to steal large quantities of cryptocurrencies, sometimes valued at hundreds of millions of dollars per incident.