作者/Author(s): Adam Zarazinski and Bruno Faviero 

網站來源/Source: War on the Rocks 

日期/Date: 08/15/2025 

關鍵字/Keywords: 經濟戰、數位、加密貨幣 


摘要：
今年年初，與北韓有關的駭客利用易受攻擊的交易平台，完成了史上最大規模的加密貨幣竊案。加密貨幣不再只是金融奇蹟，而是經濟戰爭的工具，甚至上升成為國家安全議題。在數位貨幣快速擴張與地緣政治競爭加劇的時代，私部門與政府之間必須建立新的合作關係，才能有效打擊日益嚴重的金融犯罪。 
  • 加密貨幣是一種在分散式網路中運作的數位貨幣，使用者在進行交易時可以繞過傳統金融機構。使用者會透過各式各樣交易平台，交換一般貨幣、加密貨幣與其他數位資產。然而，加密貨幣平台的監管程度不一，有些嚴格遵守規範，有些則幾乎毫無監管，成為非法資金的庇護所，導致原本中立的數位平台變成地緣政治的工具。 
  • 北韓駭客利用一個名為 eXch 的「無需身份驗證（no-KYC）」服務平台，該平台以不透明方式收集並重新分配加密貨幣與法幣。雖然這種運作符合加密貨幣的自由主義理念，但卻讓惡意行為者能不受監督地洗錢。eXch 無視加密貨幣使用者凍結被駭客利用帳戶的要求，最後變成跨大西洋聯合行動的目標。 
  • 美國政府正積極適應數位金融新威脅，並將非法金融交易視為戰略性經濟侵略。美國現已依靠財政部金融犯罪防制署（FinCEN）、國安局（NSA）以及特種作戰司令部（SOCOM），共同規劃並應對數位洗錢行動。 
  • 加密貨幣正在改變經濟權力的樣貌，制裁、關稅與金融訊息網路監控等傳統經濟手段逐漸失效。此外，加密貨幣具備交易超快、交易規模巨大，以及交易過程高度隱蔽等特性，這讓新的措施成為防止敵對行為者資助恐怖活動的關鍵。因此，決策者必須設計新的經濟防禦機制，並攜手民間部門共同合作，以因應這項最新威脅。 
 
Summary: 
Early this year, North Korea-linked hackers pulled off the greatest cryptocurrency heist in history by exploiting a vulnerable exchange platform. Cryptocurrency was no longer a financial curiosity; it had become a tool of economic warfare and thus a subject of national security. In an era of digital currency proliferation and geopolitical competition, new partnerships among private actors and governments are necessary to combat the emerging and increasingly dangerous financial crime. 
  • Cryptocurrency is a form of digital coin operating on decentralized networks, which allows users to bypass traditional financial institutions when undergoing transactions. Cryptocurrency users rely on exchange platforms to swap between cryptocurrencies and government-issued currencies, as well as other digital assets. Some exchange platforms adhere to stringent regulations, while others operate with little supervision, creating sanctuaries for illicit finances and transforming neutral digital platforms into geopolitical instruments. 
  • North Korean hackers exploited a "no-know-your-customer" service platform called eXch that collects and redistributes crypto and fiat currencies in an obscure manner. While this platform upholds the libertarian principles of cryptocurrency, it allows malignant actors to launder illicit money without supervision. eXch ignored the crypto users' plea to freeze accounts exploited by the hackers, and consequently, became a subject of a trans-Atlantic operation. 
  • The US government is adapting to the new threat emanating from digital finances to respond more effectively against illegal financial transactions and treat them as a strategic economic aggression. The US now relies on the Treasury's Financial Crimes Enforcement Network, the National Security Agency, and the Special Operations Command to plan and respond to digital money laundering operations. 
  • Cryptocurrency transforms economic power, rendering traditional economic statecraft, such as sanctions, tariffs, and monitoring financial messaging networks, ineffective. Furthermore, given the lightning-fast transaction speed, the large transaction amounts, and the obscurity of crypto trading, new measures are fundamental to prevent hostile actors from financing terrorist activities. Consequently, policymakers need to devise new economic defense mechanisms and coordinate efforts with private actors in response to the latest threat. 
 
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