North Korean hackers have executed a stunning cryptocurrency heist, amassing a staggering $3 billion since 2017, with a substantial portion of that sum pilfered in the past year alone, reports United States cybersecurity firm, Recorded Future.
Their recent study unveiled that this stolen crypto haul is roughly equivalent to half of North Korea’s entire military budget for the year.
In a shocking revelation, Recorded Future disclosed that North Korean threat actors absconded with an estimated $1.7 billion worth of cryptocurrency in 2022 alone.
This astronomical figure is equivalent to approximately 5% of North Korea’s economy or a whopping 45% of its military expenditure.
What’s even more astonishing is that this stolen amount significantly outpaces the total annual income generated by the nation through exports.
To put it in perspective, the report emphasized that this heist is nearly ten times the value of North Korea’s exports in 2021, which amounted to a meager $182 million.
Initially, these North Korean hackers honed their skills by targeting South Korea’s cryptocurrency market, before strategically expanding their reach across the globe.
The backing of the North Korean government has played a pivotal role in the rapid escalation of this illicit operation.
The report highlighted that state support has enabled North Korean threat actors to conduct their operations on a scale that exceeds the capabilities of traditional cybercriminals.
In a related development, the U.S. Treasury’s Office of Foreign Assets Control imposed sanctions on the cryptocurrency mixer, Sinbad, accusing it of facilitating the laundering of funds for the North Korea-based Lazarus Group.
The situation has been exacerbated by a UN report, which revealed that cyber attacks in 2022 displayed unprecedented sophistication, making it increasingly challenging to trace the stolen funds.
Moreover, blockchain analytics firm Chainalysis has labeled these cybercriminal syndicates as the most “prolific cryptocurrency hackers” in recent years.
Notably, they found that North Korea-linked hackers have been rapidly transferring funds through crypto mixers such as Tornado Cash and Sinbad at a significantly higher rate compared to other criminal groups.
In summary, the audacious cryptocurrency thefts executed by North Korean hackers have not only shaken the global digital financial landscape but also underscored the challenges faced by authorities in combating these cybercriminals who operate with impunity.
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