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North Korean Hackers Stole USD 1.2B In Crypto, Virtual Assets Since 2017: Report



North Korean Hackers Stole USD 1.2B In Crypto, Virtual Assets Since 2017: Report

South Korea’s spy agency National Intelligence Service has claimed that North Korean hackers have stolen an estimated 1.5 trillion won (USD 1.2 billion) in cryptocurrency and other virtual assets in the past five years, according to a report.

More than half of the amount was stolen this year alone, the NIS said, in the wake of claims that North Korea has lately turned to crypto hacking and other illicit cyber activities.
The reason behind these crimes is that Pyongyang is badly in need of foreign currency to support its fragile economy and fund its nuclear programme following harsh UN sanctions and the COVID-19 pandemic.

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According to the report, “North Korea’s capacity to steal digital assets is considered among the best in the world because of the country’s focus on cybercrimes since UN economic sanctions were toughened in 2017 in response to its nuclear and missile tests.”

“The UN sanctions imposed in 2016-17 ban key North Korean exports such as coal, textiles and seafood and also led member states to repatriate North Korean overseas workers. Its economy suffered further setbacks after it imposed some of the world’s most draconian restrictions against the pandemic,” it noted.

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The NIS said state-sponsored North Korean hackers are estimated to have stolen 1.5 trillion won (USD 1.2 billion) in virtual assets around the world since 2017, including about 800 billion won (USD 626 million) this year alone.

The NIS said more than 100 billion won (USD 78 million) of the total came from South Korea.

The spy agency said 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.

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

Despite its economic difficulties, North Korea has carried out a record number or missile tests this year in what some experts say is an attempt to modernize its arsenal and boost its leverage in future negotiations with its rivals to win sanctions relief and other concessions, the report noted.

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