North Korean Hackers Steal $3 Billion in Cryptocurrency
A recent report from United States cybersecurity firm Recorded Future reveals that North Korean hackers have stolen approximately $3 billion in cryptocurrency since 2017. The majority of this amount, over half, was stolen within the past year alone.
Stolen Crypto Exceeds North Korea’s Military Expenses
Recorded Future’s report states that the stolen crypto amounts to around 5% of North Korea’s economy or 45% of its military budget. This surpasses the nation’s total annual income from exports by a significant margin, as it is almost ten times greater than the value of their exports in 2021 ($182 million).
Shift in Target and State Backing
The report highlights that North Korean hackers initially targeted South Korea’s cryptocurrency market before expanding their focus globally. The support from the North Korean government has allowed these threat actors to scale their operations beyond what traditional cybercriminals can achieve.
Sanctions Imposed on Crypto Mixer Sinbad
In related news, the U.S. Treasury’s Office of Foreign Assets Control imposed sanctions on crypto mixer Sinbad for allegedly facilitating funds laundered for the North Korea-based Lazarus Group.
Increase in Sophisticated Cyber Attacks
Cyber attacks in 2022 were more sophisticated than ever, making it difficult to trace stolen funds. Blockchain analytics firm Chainalysis identifies North Korea-linked hackers as the most prolific cryptocurrency hackers in recent years. These hackers are utilizing crypto mixers like Tornado Cash and Sinbad at a higher rate compared to other criminal groups.
Hot Take: North Korean Hackers Continue to Target Crypto with State Support
North Korean hackers have demonstrated their focus on the cryptocurrency industry, stealing an estimated $3 billion worth of cryptocurrency since 2017. This amount far exceeds the nation’s military expenses and annual income from exports. With support from the North Korean government, these hackers have expanded their operations globally, targeting South Korea initially. The recent sanctions imposed on crypto mixer Sinbad highlight the illicit activity facilitated by such platforms. The increasing sophistication of cyber attacks poses challenges for tracking stolen funds. It is crucial for individuals and organizations in the crypto space to remain vigilant and adopt robust security measures.
By
By
By
By
By
By