In just two hacker attacks, North Korea stole more than $ 700 million in cryptocurrency from South Korea

In 2022, cybercriminals from North Korea managed to steal $ 700 million from the South Korean cryptocurrency market. This is reported by Yonhap with reference to South Korean intelligence.

According to the intelligence agency, the DPRK stole $ 700 million by carrying out only two exploits. There is no information on what kind of incidents we are talking about. At the same time, South Korea believes that the North Korean government has not yet been able to cash in the stolen cryptocurrency. The agency believes that North Korea will continue to try to steal digital assets. It is reported that the cryptocurrency obtained from hacking accounts for about 30% of all foreign exchange earnings of the DPRK.

In April, the UN Security Council estimated that North Korea stole a record amount of cryptocurrency in 2022 — more than $ 1 billion. It is believed that in 2021, Pyongyang stole digital assets worth about $ 630 million.

Record-breaking thefts of virtual coins have allowed North Korea to accelerate the development of its ballistic missile program. Thus, in 2022, at least seventy launches were carried out, including eight intercontinental ballistic missiles that posed a threat, in particular, to Japan. The country’s nuclear program is gaining momentum, with huge amounts of enriched uranium and other materials for nuclear warheads being recorded at the Yongbyon military base and the Punggye-ri test site. The UN also believes that at least three of the DPRK’s most famous hacker groups — Kimsuky, Lazarus Group and Andariel — are under the control of North Korean intelligence.

According to Chainalysis estimates, North Korean hackers stole about $ 1.7 billion in cryptocurrency last year. For comparison, in 2020, North Korea’s revenue from the export of raw materials amounted to only $ 142 million. Most often, North Korean criminals laundered cryptocurrencies using decentralized exchanges and mixers. It is worth reminding that crypto exchanges in Japan and Israel also suffered from DPRK cybercriminals.