North Korea Crypto Hacks Worth $1.2 Billion

According to a South Korean intelligence agency statement, state-backed North Korea hackers have stolen an estimated $1.2 billion in crypto assets over the last five years.

Analysts and experts have confirmed that North Korea is supporting a number of fraudulent activities and cybercrimes in order to gain access to foreign currency to help its failing economy, which has been harmed by UN sanctions and the aftereffects of COVID-19.

South Korea's National Intelligence Service confirmed that North Korean hackers are among the best at stealing crypto assets, owing to the country's focus on cybercrime as an alternative way to aid its failing economy since the height of United Nations economic sanctions in 2017.

In 2017, the United Nations imposed harsh sanctions on North Korean exports such as textiles and coal. The UN, along with its member states, repatriates North Korean workers abroad. The country's economy was unable to withstand harsh sanctions and the aftermath of the COVID pandemic.

According to South Korea's National Intelligence Service, North Korea crypto hackers are responsible for hacking $1.2 billion in crypto assets in the last five years, with more than $626 million in 2022 alone. It was also confirmed that approximately $78 million of the stolen funds originated in South Korea.

More attacks expected

According to intelligence obtained by the South Korean Government, North Korean hackers will most likely undertake additional cyberattacks this year to gain access to South Korean technologies and private information on national security and weaponry.

Official state diplomats from South Korea, the United States, and Japan joined forces earlier this month to intensify efforts to combat the cybercrime carried out by North Korea.

According to UN experts, the country will step up its efforts to steal hundreds of millions of dollars from crypto platforms and other financial institutions.

Despite the fact that North Korea's economic situation remains dire, the government conducted a record number of missile tests in 2022. Experts and analysts believe it has a way to gain leverage and improve its weaponry to negotiate with world powers.