North Korean Hackers Are Accused Of Stealing Funds For Crypto Worth $1.2 Billion

Key Points:

• According to a report by the Associated Press, North Korean cyber criminals have allegedly stolen vast amounts of cryptocurrency totaling 1.5 trillion won (about $1.2 billion) during the past five years.
• North Korea may be employing cybercrime to secure a crucial source of revenue for its precarious economy and nuclear program.

According to a report by the Associated Press, North Korean cyber criminals have allegedly stolen vast amounts of cryptocurrency totaling 1.5 trillion won (about $1.2 billion) during the past five years.

Hackers from North Korea took 800 billion won ($625 million) this year alone or about half of the total amount. Over the aforementioned time frame, it was estimated that 100 billion (or $78 million) had been stolen from South Korean organizations.

North Korean hackers are expected to conduct more cyberattacks next year to steal advanced South Korean technologies and confidential information on South Korean foreign policy and national security.

Earlier this month, senior diplomats from the United States, South Korea, and Japan agreed to increase efforts to curb illegal North Korean cyber activities. In February, a panel of U.N. experts said North Korea was continuing to steal hundreds of millions of dollars from financial institutions and cryptocurrency firms, and exchanges.

According to some reports, North Korea may be employing cybercrime to secure a crucial source of revenue for its precarious economy and nuclear program. The authoritarian state has been hit hard by the pandemic-related challenges and the punitive U.N. sanctions.

The theft of $620 million worth of bitcoin from the computer game Axie Infinity, which is thought to be one of the greatest cryptocurrency heists ever documented, was connected by the U.S. authorities to North Korean hackers in April.

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