North Korea has significantly increased its focus on the cryptocurrency industry and has stolen over $3 billion in digital assets since 2017, according to cybersecurity firm Recorded Future. The firm states that the North Korean regime has a highly skilled team of computer science professionals who have privileged access to new technology and information. This state backing enables their hacking campaigns to reach larger scales compared to regular cybercrime operations.
In 2022 alone, the regime stole $1.7 billion in crypto, which accounted for 44% of all cryptocurrency stolen that year. Recorded Future suggests that these funds could have funded 50% of North Korea’s ballistic missile programs. Overall, the firm estimates that the funds obtained from crypto thefts make up 5% of North Korea’s total economy. The regime uses money laundering methods similar to those employed by traditional cybercriminal groups to continue operating despite international sanctions.
Recorded Future warns that without stronger regulations, cybersecurity measures, and investments in cybersecurity for cryptocurrency firms, North Korea is likely to persist in targeting the industry for additional revenue. The country’s elite computer science professionals with privileged access to technology play a crucial role in conducting cyberattacks against the cryptocurrency industry.
Hot Take: North Korean Hackers Steal Over $3 Billion Worth of Crypto
North Korea’s increasing focus on the cryptocurrency industry has allowed them to steal more than $3 billion in digital assets since 2017, according to cybersecurity firm Recorded Future. With a highly trained team of computer science professionals and state backing, their hacking campaigns have reached significant levels. In 2022 alone, they stole $1.7 billion in crypto, accounting for nearly half of all cryptocurrency thefts that year. These stolen funds could have funded half of North Korea’s ballistic missile programs. The regime’s reliance on crypto thefts as a major revenue source highlights the need for stronger regulations and cybersecurity measures in the industry. Without these safeguards, North Korea will continue targeting the crypto industry for additional revenue.
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