North Korea stole $700 million from South Korea's crypto market
Date: 2023-07-20 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Hackers of the North Korean regime were able to get $700 million in cryptocurrency from South Korea after conducting only two hacker attacks
North Korean cybercriminals were able to clean up the South Korean cryptocurrency market for $700 million in 2022. This is reported by Yonhap with reference to South Korean intelligence.
According to intelligence, the DPRK stole $ 700 million as a result of two hacker attacks. It is unclear what kind of incidents are involved. At the same time, South Korea believes that the North Korean regime has not yet been able to cash out the stolen cryptocurrency. The intelligence believes that North Korea will continue to make attempts to steal cryptocurrencies. It is reported that the cryptocurrency received from hacks accounts for about 30% of all foreign exchange earnings of the DPRK.
In April, the UN Security Council estimated that for the whole of 2022, North Korea stole a record amount in cryptocurrency - more than $1 billion, while back in 2021, Pyongyang was able to steal about $630 million in cryptocurrency.
Record-breaking cryptocurrency thefts have allowed North Korea to accelerate the development of its ballistic missile program. In 2022, at least seven dozen launches were made, including eight intercontinental ballistic missiles The country's nuclear program has also intensified, according to the growing stocks of fissile materials and activity at the Yongbyon complex and the Punggye-ri test site. The UN believes that at least the hacker groups Kimsuky, Lazarus Group and Andariel are under the control of North Korean intelligence.
According to estimates by on-chain firm Chainalysis, North Korean attackers stole about $1.7 billion in cryptocurrency in 2022. For comparison, in 2020, North Korea's export revenue amounted to only $142 million.
