North Korean Hackers Stole Billions From The Crypto Sector

According to the report from the cybersecurity firm Recorded Future, North Korean hackers have seized cryptocurrencies representing a value higher than the country's export income in 2021.

According to the cybersecurity firm Recorded Future based in the United States, North Korean hackers have reportedly stolen approximately 3 billion dollars' worth of cryptocurrency since 2017. More than half of this amount occurred in the last year alone.

Recorded Future highlighted that the stolen cryptocurrency amount is roughly equivalent to about half of North Korea's annual military expenditures.

North Korean hackers are accused of stealing an estimated 1.7 billion dollars' worth of cryptocurrency in 2022 alone. This amount is equivalent to approximately 5% of the North Korean economy or 45% of its military budget.

Since 2017, North Korea has significantly increased its focus on the cryptocurrency industry, stealing an estimated $3 billion worth of cryptocurrency. pic.twitter.com/cES9gq2AK3

— Recorded Future (@RecordedFuture) November 30, 2023

However, the stolen amount significantly surpasses the total annual income North Korea derives from exports. According to the report, it was stated that 'This amount is nearly 10 times higher than the value of North Korea's 182 million dollars in exports for the year 2021.'

Additionally, the report noted that North Korean hackers initially directed their attacks towards South Korea. North Korean cyber operators targeted the South Korean cryptocurrency market before expanding their global impact. It was emphasized that the support from the North Korean government significantly expanded the scale of illegal operations.

The report stated, 'State support allows North Korean hackers to scale their operations beyond what is possible for conventional cybercriminals.'

The U.S. Department of the Treasury's Office of Foreign Assets Control imposed sanctions on the cryptocurrency mixer Sinbad, which is alleged to facilitate money laundering for the North Korean hacker group Lazarus.

According to the UN report, cyber attacks became much more sophisticated in 2022 compared to previous years, making it increasingly challenging to trace stolen funds.