Cybersecurity experts at Recorded Future have unveiled a staggering figure: North Korean hackers have siphoned off an estimated $3 billion in cryptocurrency over the past six years. The scale of this operation is monumental, with the 2022 heists alone amassing a sum that dwarfs North Korea’s export earnings from the previous year by nearly tenfold.
The report highlights a bold transition in the cybercriminal strategy, with initial attacks targeting South Korean digital assets before casting a wider net internationally. This shift underscores a concerning trend in cyber theft, with the backing of the North Korean state amplifying the capabilities of these threat actors beyond conventional cybercriminal bounds.
Last year’s pilfered crypto, valued at about $1.7 billion, not only signifies a hefty slice of the nation’s economy (5%) but also accounts for approximately 45% of its military budget. This financial heft showcases the significant role that cryptocurrency theft plays in North Korea’s fiscal landscape.
The U.S. has responded with sanctions against crypto mixer Sinbad, tying it to the laundering activities of the infamous Lazarus Group. Meanwhile, experts from the UN and blockchain analytics firm Chainalysis concur on the heightened sophistication of these cyber attacks, making the trail of stolen funds ever more elusive.
