North Korean Cyber Units Stole $6.75 Billion in Crypto Hacks to Fund Nuclear Program - bloomingbit
North Korean-linked hacking groups stole $2.02 billion in cryptocurrency last year, up 51% from the previous year and the largest annual total on record, according to blockchain analytics firm Chainalysis.
The cumulative amount stolen by these groups now reaches $6.75 billion, with large-scale theft continuing into this year. TRM Labs estimated that about 66% of global losses from cryptocurrency hacks in the first half came from attacks linked to North Korea.
Funding Nuclear Program
The proceeds from these hacks are believed to support North Korea's nuclear and missile development. In a March report, the U.S. Office of the Director of National Intelligence assessed that Pyongyang secures at least $1 billion a year through financial crimes including cryptocurrency theft.
about $2 billion stolen by North Korea last year was being used to sustain the regime and develop strategic weapons
South Korean Targets
South Korea's financial sector has also been targeted. The National Office of Investigation concluded that the 2019 theft of Ethereum worth about $41.9 million from South Korean cryptocurrency exchange Upbit was carried out by Lazarus and Andariel, hacking groups under North Korea's Reconnaissance General Bureau.
U.S. Response
The U.S. government is tightening sanctions on North Korea's efforts to earn foreign currency through its information technology workers. The Treasury Department's Office of Foreign Assets Control imposed additional sanctions on 10 individuals and one entity involved in disguising North Korean IT workers for overseas employment.
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