Crypto hacks: billions of dollars raised by North Korea

Crypto hacks: billions of dollars raised by North Korea

Occupation: North Korean hacker – In the cryptosphere, we have known for several years that the very isolated Pyongyang regime is trying hard to exploit the map of hacking/theft of crypto-assets. Two new reports claim that the crypto winter would have had little effect on the activities of hackers North Koreawhich would have succeeded in bringing back up to $2 billion of cryptos in the country’s wallets.


New record: North Korea would have stolen 4 times more cryptos in 2022

The first reportrelayed by the BBC, comes to us from the blockchain transaction monitoring company chain analysis. Subject to heavy sanctions, North Korea seems to have found a way out through the cryptocurrency theft.

According to Chainalysis, during the year 2022, this is the equivalent of$1.7 billion of cryptos allegedly stolen by professional hackers from the Kim Jong-un regime. It’s almost the quadruple digital assets stolen in 2021, estimated at $429 million. And as much to say that this is not not at all negligible for North Korea.

“For context, North Korea’s total exports in 2020 totaled $142 million worth of goods. It is therefore no exaggeration to say that cryptocurrency hacking represents a significant part of the economy of this nation. »

Comment from Chainalysis report

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Crypto Hacking: A National Sport for North Koreans?

A second report on the subject, reported this time by Reuters, comes to us from the services of the United Nations (UN). He makes the same observation on “record year” crypto thefts by North Korea in 2022.

Those are ” sanction monitors which report this workaround method of the economic embargo which weighs on the country. However, their estimate is significantly lower than that of Chainalysis. Indeed, they would count for $630 million of crypto-assets hijacked by North Korean hackers.

“The value of digital assets stolen by actors [nord-coréens] in 2022 is higher than in all previous years. (…) The variation in the dollar value of cryptocurrencies over the past few months has probably affected these estimates, but both [Chainalysis et ONU] show 2022 was a record year for digital asset theft [par la Corée du Nord]. »

Excerpt from the report submitted to the North Korea Sanctions Committee (UN)

It is true that the group of hackers Lazarusaffiliated with North Korea, is all too often talked about in the cryptosphere. Crypto exchange hacksholdings of flaws in DeFi protocolsextortion by ransomware…No method is neglected by these hackers to bring back a maximum of cryptocurrencies to the country.

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