North Korean Hackers Steal $3 Billion in Crypto Over Six Years: Report

According to US cybersecurity firm RecordFuture, North Korean hackers have taken nearly $3 billion worth of stolen cryptocurrency since 2017, with more than half of that amount stolen last year alone.

According to a recent report by Recorded Futures, the amount of stolen crypto is equivalent to half of North Korea's total military spending for the year.

“North Korean threat actors have been accused of stealing an estimated $1.7 billion worth of cryptocurrency in 2022 alone.

In the year 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

In addition, the stolen money exceeded the annual income of the country by a large margin.

“This amount is more than 10 times the value of North Korea's exports of $182 million in 2021,” the report said.

Meanwhile, North Korean hackers have explained that they initially targeted South Korea for crypto before expanding their focus to the rest of the world.

“North Korean cyber operators are shifting their targets from traditional finance to this new digital financial technology, first targeting the South Korean cryptocurrency market before dramatically expanding their reach globally.”

It has been suggested that the support from the North Korean government has greatly expanded the illegal campaign.

“Government support allows North Korean threat actors to expand their operations beyond what is possible for traditional cybercriminals,” the report said.

In recent news, the US Treasury's Office of Foreign Assets Control has imposed sanctions on crypto mixer Sinbad, alleging that it facilitated the transfer of money by North Korea's Lazarus Group.

RELATED: US Treasury Sanctions Blaming North Korea Ties Sinbad's Mix

According to a United Nations report, cyber attacks in 2022 will be more sophisticated than in previous years, making it more difficult than ever to trace stolen funds.

Meanwhile, blockchain analytics firm Chinalysis has named the cybercriminal syndicate as the “most prolific cryptocurrency hackers of the past few years.”

Chinalysis also found that North Korea-linked hackers were moving money through crypto-ministers like Tornado Cash and Sinbad at a significantly higher rate than other criminal groups.

Magazine: $3.4B Bitcoin in a Popcorn Can: The Story of the Silk Road Hacker