NPR reports state-sponsored North Korean hackers have stolen about $1.2 billion in cryptocurrency since 2018. Additionally, the hackers stole over half of the funds in 2022 alone. South Korea’s spy agency, the National Intelligence Service (NIS), says North Korea used the stolen crypto to bolster its economy. Here’s everything you need to know about North Korean hackers stealing $1.2 billion in crypto.
Hackers allegedly stole crypto to prop up the North Korean economy.
The United Nations imposed heavy sanctions on North Korea throughout 2016 and 2017, severely damaging the country’s economy. And the Coronavirus pandemic only made matters worse. According to NPR, the NIS says state-sponsored North Korean hackers stole about $626 million in 2022 alone. Additionally, over $78 million came from South Korea.
CNN reports North Korean-sponsored hackers also conducted ransomware attacks on healthcare providers in the US and South Korea. The country then used the stolen funds for more cyberattacks on Washington and Seoul.
“They need money, so they’re going to keep being creative,” a Biden administration official told CNN. “I don’t think the North Koreans are ever going to stop looking for illicit ways to glean funds.”
Additionally, CNN reports North Korean hackers used fake identities to gain employment at crypto firms in the United States. The tactic led to an official public advisory by the FBI, warning domestic tech firms about the scam. The strategy is allegedly a “key pillar” in North Korea’s cybercrime activities.
The FBI linked hackers to several high-profile heists in 2022.
CNBC reports the FBI officially linked the Lazarus Group, a North Korean hacker collective, to the 2022 Horizon bridge hack. Blockchain bridge hacks gained massive notoriety in 2022 due to their easily exploitable nature. Additionally, the US Treasury Department suspects the Lazarus Group is behind the $600 million Ronin Network heist.
