February 8, 2023

North Korean Hackers Stole Crypto Assets over $630 Mln in 2022

North Korean Hackers Stole Crypto Assets over $630 Mln in 2022 Featured Image

North Korean Hackers

North Korea topped the world’s countries in terms of crypto hackers, who stole crypto assets in 2022 more than any year before, a report by the United Nations showed, according to Cointelegraph.

The report, which was submitted to the UN Security Council Sanctions Committee on North Korea last week, reportedly found North Korean hackers stole crypto assets with a value ranging between $630 million and more than $1 billion last year after attacking networks of defense companies and foreign aerospace.

The UN report pointed out that the North Korean attacks were more complicated than in previous years, making the process of tracking stolen crypto assets more difficult than ever.

“(North Korea) used increasingly sophisticated cyber techniques both to gain access to digital networks involved in cyber finance and to steal information of potential value, including to its weapons programs,” the report read.

Another report released by blockchain analytics company Chainalysis found that North Korea is responsible for stealing crypto assets worth at least $1.7 billion in 2022, marking the worst-ever year for crypto hacking. Chainalysis said cryptocurrency hacking represents a portion of the Asian country.

The blockchain analytics firm reported that at least $1.1 billion of the stolen loot were slipped from attacks on decentralized finance protocols, making North Korea top the world’s countries in DeFi hacking in 2022. “In fact, funds from hacks carried out by North Korea-linked hackers move to mixers at a much higher rate than funds stolen by other individuals or groups,” Chainalysis added.

The UN report also pointed out that the Reconnaissance General Bureau, the North Korean intelligence agency, is the main one responsible for cyberattacks by using uses several groups such as Kimsuky, Lazarus Group, and Andariel for hacking, however, the country always denied the crypto hacking claims.

Author profile

Whether you want to learn about NFT, Blockchain, Web3.0, Metaverse, or any other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.