Monday May 13, 2024

The Response to North Korea’s Crypto Heists

"We need to think about more creative ways in order to get at the ultimate issue here, which is that they're generating revenue for their weapons of mass destruction (WMD) and ballistic missile programs." - Jessica Peck

In this episode, Ian Andrews (CMO, Chainalysis) is lucky enough to grab Jessica Peck (Senior Counsel, US Department of Justice) and Chris Wong (Supervisory Special Agent, FBI) right off of the main stage to their experiences investigating North Korea's involvement in cryptocurrency and their efforts to track and seize stolen assets.

Chris shares his journey from working on interdicting assets to diving into the world of crypto, while Jessica discusses her transition from prosecuting weapons and narcotics cases to focusing on cybercrime and cryptocurrency-related investigations.

The trio explore the tactics used by North Korea to launder money and the effectiveness of sanctions in combating these activities.  They also describe the new trends of North Koreans being unknowingly hired by blockchain companies around the world and the associated risks. 

Minute-by-minute episode breakdown

2 | FBI's Involvement in intercepting North Korean mineral exports 

4 | Jessica and Chris’ background and their first crypto investigation cases 

7 | Thwarting North Korean crypto revenue and tracking and recovering stolen cryptocurrency 

11 | Tracing North Korea's cryptocurrency laundering efficacy

17 | Evaluating the effectiveness of sanctions on cryptocurrency mixers

19 | Debating cybersecurity and risk management in crypto 

25 | North Koreans being employed by crypto firms to develop smart contracts 

27 | Best practices for staying safe in crypto and avoiding costly hacks 

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Speakers on today’s episode

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