North Korean officials have arrested a ring of elite developers trained by the country's military intelligence agency that breached the internal networks of the country's most prominent banks, Daily NK reported on 24 Jul.
North Korean Hacking Ring Caught Stealing from Central Bank : Daily NK
27 July 2026 - 11:13 CEST
By Isabelle Castro
The two banks, the Chosun Central Bank and the Foreign Trade Bank, handle currency issuance, state fund management and international transactions for the country.
State funds were reportedly converted into cryptocurrency while large amounts of foreign currency were smuggled into bordering countries. To avoid detection, the group used specialised wireless equipment and encrypted messaging apps.
Officials flagged discrepancies in payment approvals and suspicious overseas IP records. Agents raided a Pyongyang safe house on 12 Jul, seizing computer equipment and burner phones.
The ringleaders were reportedly discharged veterans of a cyber operations unit under the Reconnaissance and Intelligence General Bureau, the country's military intelligence agency. Students were also recruited from Kim Chaek University of Technology and Pyongyang University of Science.
"They used the skills the state trained them with to defend the country, and instead robbed the country's coffers," an official said, who expects harsh punishment for those involved according to the source.
"This goes beyond ordinary guilt-by-association penalties. It will be hard for the entire family line to survive."
Senior officials in the intelligence bureau and universities where students where recruited are reportedly concerned that they too will be punished for the breach.
