Over the last five years, North Korean hackers have apparently stolen cryptocurrencies worth more than $1.2 billion.
The National Intelligence Service (NIS), South Korea’s top intelligence agency, reportedly told the Associated Press that the hackers stole more than half of their total illegal cryptocurrency profits just this year.
According to the research, government backed North Korean hackers have stolen $1.2 billion in crypto assets from anonymous places worldwide since 2017.
Within 2022, $626 million of the entire stolen cryptocurrency was hacked. The majority of the stolen cryptocurrency—more than $78 million—came from South Korea.
According to the research, various North Korean exports, including coal, textiles, and seafood, were prohibited by 2017 U.N. resolutions.
After the United Nations tightened economic sanctions on them in 2017, NIS claims that it resulted in the nation to lean more on cybercrime to support its faltering economy and finance its nuclear weapons programme, utilizing the hacking skills as North Korean hackers are some of the world’s best.
According to the report, more sanctions were imposed in retaliation for its nuclear and missile tests.
In reaction to the COVID pandemic, the government imposed some of the strictest regulations, which caused the economy of the nation to further deteriorate.
According to the article, the top authorities from the United States, South Korea, and Japan have decided to do more to combat North Korean cybercrime as a result of lucrative cryptocurrency thefts.
US Aims to Crackdown on North Korean hackers
Moreover, The United States made the decision to offer up to $10 million for useful information relating to North Korean crypto hacking groups back in the summer of this year.
This sum is twice the $5 million reward that the nation promised in March of this year. In addition, a U.N. study from February said that money stolen via cryptocurrency was used to finance the North Korean missile programme.
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