North Korea stole over $2.3 billion worth of crypto assets from businesses between 2017 and 2022, according to a report from Nikkei Asia, which cited data from blockchain analytics firm Elliptic.
Furthermore, the majority of those hacks have targeted fellow Asian countries, with Japan topping the chart. The report claimed that Japan had lost over $721 million in crypto assets to hackers affiliated with North Korea since 2021. The exploits also involved other Asian countries, with Vietnam and Hong Kong losing $540 million and $281 million, respectively.
Among the notorious North Korean-affiliated hackers is the Lazarus Group, which masterminded the highest singular crypto loot in its Ronin Network exploit.
According to speculation, North Korea is carrying out these attacks to lay hold on foreign currencies for its missile program.
Growing Concerns Among Foreign Bodies
The growing cyber theft exuding from North Korea is beginning to create concerns for international bodies. In a statement by top officials in Japan, adopted by the Group of Seven finance ministers and central bank governors on Saturday, they cited the “growing threat from illicit activities by state actors,” including crypto asset exploitation, referring to North Korea’s blockchain activities.
The eastern Asian nation has repeatedly targeted crypto exchanges worldwide, as it made off with cryptocurrency worth between $600 million and $1 billion last year. Elliptic rounded off the figures to $640 million for the year.
Often applying direct hacking or ransomware, North Korea has upped the ante to acquire foreign currencies following international sanctions imposed on the country. With uncertainties over the efficiency of the ransomware exploit method, North Korea has focused more on direct exchange exploits, as one breakthrough would amass a reasonable amount of crypto.
Hong Kong and Vietnam, which are becoming crypto hubs, have also faced repeated hack attempts by North Korea, with a handful of them being very successful. Due to their nascent nature, the slack security of most crypto companies in these countries meant that they were easy prey to exploiters.
Yet Another Strategy?
North Korea is allegedly finding a way around its foreign sanctions through its exploits. Once sanctioned by South Korea, the country is currently facing strong international trade restrictions due to illegal activities in its coal trade.
Owing to the ban, the country might have resorted to cyber theft to gain access to foreign assets. The Japan External Trade Organization stated that the $721 million stolen from her country is almost nine times bigger than North Korea’s entire export value in 2021.
