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North Korea Hackers Stole More Cryptocurrency in 2022

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Source:   Twitter post

Almost $1 billion of crypto assets has been lost to North Korean hackers according to a United Nations report. The stolen amount has doubled from the figure stolen in 2021.

After the annual report conducted by the US Security Council, it was found that North Korean hackers have stolen almost $1 billion in crypto.

According to the report, the estimated amount of the stolen funds is around $630 million to more than $1 billion. Reportedly, it is double the amount of theft in 2021.

A report from the United Nations shows that North Korean hackers made defense companies and foreign aerospace networks for the hacks.

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Cryptocurrency Theft is increasing

chart of stolen crypto in north korea

Source: Chainalysis

Frequent reports from the crypto industry state that North Korean hackers make use of top-notch techniques to carry out their crypto crimes. Concerning this matter, the report says,

“North Korean hackers continue to use top-notch cyber techniques to have access to the digital networks related to cyber finance. Thus; they can steal vital information including weapons schedules. Moreover, the cyber threat actors have upgraded their techniques and this made it difficult to track stolen funds.”

The member countries are being urged to adopt regulations to stop the occurrence of money laundering. Fortunately, the panel is conducting an investigation linked to the significant exportation of military communication equipment to Russia.

However, North Korea is still denying the fact. According to them, they haven’t done anything wrong even as sanctions keep on growing.

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North Korea Money Laundering through DeFi

The US Treasury also speaks of the illegal financial activities within the DeFi space. The press release issued by the department on April 6, confirmed that North Korea used DeFi for money laundering.

Crypto Companies as Target for Hackers

Recently, it has been noticed that cryptocurrency firms have become the targets of North Korean Scammers.

For instance; through a hack of the VoIP app 3CX, the hackers were able to break into various crypto companies.

Eventually, the exploiters make use of the supply chain scam to place more severe programs within the systems. This shows that the concerns of the governments and cryptocurrency companies are valid.

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It is crystal clear to all that North Korea will go ahead with its cyber activities. So even though there are potential benefits connected to the DeFi services, there is still the need to address the risks that have to do with money laundering.

Therefore, the private sector should use its judgment to take the appropriate actions to fight all illicit financial activities.

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