• Sat. Apr 13th, 2024

North Korea Stole $700M From the Cryptocurrency Market in South Korea

Avatar photo

ByDavid Brown

Aug 24, 2023
North Korea Takes $700M Cryptocurrency
David Brown

North Korean cyber attackers stole $700 million from the South Korean bitcoin industry in 2022. This publication cites Yonhap as well as South Korean intelligence.The DPRK stole $700 million in two hacking attacks, based on intelligence. It is unclear which occurrences are at issue. Simultaneously, South Korea thinks that the North Korean authorities have yet to pay out the stolen bitcoin. 

North Korea is expected to continue attempting to steal cryptocurrency, according to intelligence. According to reports, the cryptocurrency obtained through hacking accounts for almost 30% of the DPRK’s total foreign exchange revenues. The UN Security Council projected in April that North Korea stole a record amount of cryptocurrencies in 2022, totaling more than $1 billion. 

At the same time, Pyongyang was able to steal around $630 million in bitcoin in 2021.

Cryptocurrency record thefts enabled North Korea to speed the development of its ballistic missile program. At least seven dozen launches were carried out in 2022, including eight intercontinental ballistic missiles. 

According to expanding supplies of fissile materials and activities at the Yongbyon complex and the Pungeri test site, the country’s nuclear program has also accelerated. The UN thinks that North Korean intelligence controls at least the hacking organizations Kimsuky, Lazarus Group, and Andariel.

According to the on-chain business Chainalysis, North Korean terrorists stole around $1.7 billion in cryptocurrency in 2022. In comparison, North Korea’s export earnings in 2020 was barely $142 million. North Korean criminals frequently used decentralized exchanges and mixers to launder bitcoin.

Avatar photo

David Brown

With years of expertise in the field, i am bring a wealth of knowledge and insights to our platform. Our editor’s extensive research and understanding of the drug landscape ensure that their content is accurate, informative, and engaging.