{"id":13407,"date":"2023-12-02T14:22:20","date_gmt":"2023-12-02T19:22:20","guid":{"rendered":"http:\/\/leadingcryptonews.com\/north-korean-hackers-have-pilfered-3b-of-crypto-over-past-six-years-report\/"},"modified":"2023-12-02T14:22:20","modified_gmt":"2023-12-02T19:22:20","slug":"north-korean-hackers-have-pilfered-3b-of-crypto-over-past-six-years-report","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/north-korean-hackers-have-pilfered-3b-of-crypto-over-past-six-years-report\/","title":{"rendered":"North Korean hackers have pilfered $3B of crypto over past six years: Report"},"content":{"rendered":"


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According to United States cybersecurity firm Recorded Future, North Korean hackers have stolen around $3 billion in cryptocurrency since 2017, with more than half of that amount stolen in the past year alone.<\/p>\n

Recorded Future indicated in a recent\u00a0report\u00a0that the amount of stolen crypto equates to approximately half of North Korea\u2019s entire military expenses for the year:<\/p>\n

“North Korean threat actors were accused of stealing an estimated $1.7 billion worth of cryptocurrency in 2022 alone, a sum equivalent to approximately 5% of North Korea\u2019s economy or 45% of its military budget.\u201d<\/p><\/blockquote>\n

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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<\/p>\n

\u2014 Recorded Future (@RecordedFuture) November 30, 2023<\/p><\/blockquote>\n

Furthermore, the stolen amount surpasses the total annual income from exports for the nation by a considerable margin.<\/p>\n

\u201cThis amount is also almost 10 times more than the value of North Korea's exports in 2021, which sat at $182 million,\u201d the report stated.<\/p>\n

Meanwhile, it explained that North Korean hackers initially targeted South Korea for its crypto, before expanding their focus to the rest of the world:\u00a0<\/p>\n

\u201cNorth Korean cyber operators shifted their targeting from traditional finance to this new digital financial technology by first targeting the South Korean cryptocurrency market before significantly expanding their reach globally.\u201d<\/p><\/blockquote>\n

It was noted that support from the North Korean government has led to a significant expansion in the scale of the illicit operation.\u00a0<\/p>\n

\u201cState backing allows North Korean threat actors to scale their operations beyond what is possible for traditional cybercriminals,\u201d the report declared.<\/p>\n

In recent news, the U.S. Treasury\u2019s Office of Foreign Assets Control imposed sanctions on crypto mixer Sinbad, alleging the platform facilitated funds laundered for the North Korea-based Lazarus Group.\u00a0<\/p>\n

Related: US Treasury sanctions crypto mixer Sinbad, alleging North Korea ties<\/strong><\/p>\n

According to a UN report, cyber attacks were more sophisticated in 2022 than in previous years, making tracing stolen funds more difficult than ever. <\/p>\n

Meanwhile, blockchain analytics firm Chainalysis\u00a0labeled the cybercriminal syndicates as the most \u201cprolific cryptocurrency hackers over the last few years.\u201d<\/p>\n

Additionally, Chainalysis noted that North Korea-linked hackers were moving funds through crypto mixers such as Tornado Cash and Sinbad at a much higher rate than other criminal groups.<\/p>\n

Magazine: $3.4B of Bitcoin in a popcorn tin: The Silk Road hacker\u2019s story<\/strong><\/p>\n<\/div>\n