Cybersecurity News: North Korean Hackers Steal $3,000,000,000 Worth of Crypto

It has been revealed the fact that the North Korean hackers have managed to steal $3 billion worth of crypto in 6 years. Here are more details about this below.

Recorded Future, a cybersecurity firm, has reported that North Korea has been increasingly focusing on the crypto industry since 2017 and has stolen over $3 billion in digital assets.

The firm asserts that the North Korean regime has a highly skilled team of computer science professionals with privileged access to new technology and information.

The state backing allows the country’s hacking campaigns to scale to bigger lengths than regular cybercrime operations.

In 2022 alone, the regime took $1.7 billion in crypto, accounting for 44% of all the cryptocurrency stolen during that year, as per the online publication the Daily Hodl.

According to Recorded Future, the funds obtained through crypto thefts could have financed up to 50% of North Korea’s ballistic missile programs.

The firm estimates that the amount of money the country acquires from these thefts is equivalent to 5% of its total economy.

The regime often launders the money in the same way as traditional cybercriminal groups, enabling it to continue operating despite international sanctions.

The firm stated the following:

“The regime views cryptocurrency theft as a major revenue source, particularly for funding military and weapons programs. While the exact amount used for ballistic missile launches is unclear, both the volume of stolen cryptocurrency and missile launches have risen.”

The notes continued and revealed the fact that without stronger regulations, cybersecurity measures, and investments in cybersecurity for crypto firms, “North Korea is likely to persist in targeting the industry for additional revenue.”

It has been also revealed the fact that despite restrictions on movement and isolation of the general population, “the regime’s elite and highly trained computer science professionals with privileged access to technology play a crucial role in conducting cyberattacks against the cryptocurrency industry.”