$1.2 billion in crypto have been stolen by North Korean hackers since 2017, as South Korea’s National Intelligence Service (NIS) reported. NIS estimated that half of this fund – about $626 million – was stolen in 2022 alone. According to the report, around $78 million came from South Korea.
North Korea is one of the countries hardest hit by the Covid-19 epidemic because its economy has already weakened by UN sanctions. The country is therefore forced to carry out illegal activities like crypto hacking so that it can get enough money to support its economy and its nuclear program as well.
The conclusion comes as North Korea has carried out a record number of missile tests in 2022 despite its economic difficulties. As of November 2022, 34 tests with a total of 88 missiles have been carried out. NIS also said North Korea is expected to increase attacks on South Korea by 2023 and focus more on stealing advanced technologies and confidential information on South Korea.
“Marking the third year under its five-year economic development plan in 2023, the North is expected to be bent on stealing key technologies, and collecting diplomatic and security intelligence in a bid to meet its policy goals”, an NIS spokesperson said.
Some experts say North Korea is an attempt to modernize its arsenal and boost its leverage in future negotiations with its rivals to win sanctions relief and other concessions. In February, a report submitted to the United Nations security council also stated that the country was using funds stolen from crypto hacks to fund its nuclear program. In March, a cybersecurity company published a report proving that North Korea carried out crypto attacks to raise funds.
North Korea tops the global leader board when it comes to crypto crime. The infamous North Korean hacker group Lazarus has targeted crypto companies worldwide. This group is also believed to be the mastermind of major hacks like Harmony Bridge and Ronin Network of Axie Infinity.
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