North Korea-Backed Hackers Commit Record Cryptocurrency Hacks
The UN has found a worrying trend of North Korea’s cybercrime efforts becoming increasingly sophisticated. According to a secret study, in 2022, the government-sponsored hackers stole enormous amounts of cryptocurrencies totaling $630 million. This amount was calculated using South Korea’s estimate, however a cybersecurity company asserted that the sum may exceed $1 billion.
Hackers Increasing their Skills
The paper emphasizes how North Korea is employing sophisticated cyber tactics to get into digital networks used for cyber banking and acquire valuable information, including their weapons development plans. The cyber danger presented by North Korea is extremely alarming since hackers have improved their techniques to the point where they can now acquire cryptocurrency and weaponry secrets from other nations.
Cyberattacks Fund Nuclear Missile Development
Sanctions The use of cryptocurrency hacking earnings to finance North Korea’s nuclear missile development has long been speculated by observers. However, because to US sanctions, this is forbidden. According to a blockchain analysis organization, the hackers broke their own records in 2022 by stealing about $1.7 billion worth of cryptocurrency.
North Korea’s Economy Relies Significantly on Cryptocurrency Hacks
North Korea’s economy now includes a major portion of cryptocurrency hacking. The nation’s overall exports in 2020 were products worth $142 million, making cryptocurrency hacks a sizable source of cash. The UN report also disclosed that in 2020, the hackers broke into the networks of European military contractors through LinkedIn.
Uncertainty Fueled by the Wild Crypto Market
The cryptocurrency market was in a frenzy in 2022, when a 60% decline in the value of the most popular token, bitcoin, to around $17,000 was caused by rising interest rates and the failure of well-known crypto firms. As a result, estimates of the entire quantity of cryptocurrency taken by North Korea have varied, which has increased the level of ambiguity around the situation.