According to recent reports from NPR, North Korean hackers have stolen cryptocurrencies worth more than $1.2 billion since 2018. While the hacking operations started in 2018, it was reported that almost half of the $1.2 billion was stolen in 2022, indicating a significant increase in their efforts.
The South Korean Spy Agency, National Intelligence Service (NIS), revealed that North Korea utilizes stolen cryptocurrencies to stabilize its weakened economy. Due to the pandemic, many countries suffered, but North Korea, which was already struggling from a series of sanctions in 2016 and 2017, couldn’t recover.
As a result, North Korean hackers stole around $626 million in 2022, of which NPR claims that $78 million was stolen from South Korea. The country’s hacking operations have become more audacious and notorious. Reports indicate that it is also responsible for conducting ransomware attacks on healthcare providers in the United States and South Korea.
According to a Biden administration official, North Korean hackers continuously seek ways to obtain funds illicitly. “They need money, so they’re going to keep being creative. I don’t think the North Koreans will ever stop looking for illicit ways to glean funds,” the official said.
Conclusion
The rise of cryptocurrency has led to increased hacking attempts, and North Korea’s involvement in these activities highlights the need for tighter security measures. With a weak economy and a need for funds, North Korean hackers will likely continue to engage in illicit activities. Therefore, it is essential to remain vigilant and take appropriate measures to protect against such attacks.
