North Korean Hackers Have Stolen Around $1.2 Billion in Crypto

This North Korean Crypto Hackers have been stealing these $1.2 Billion worth of cryptocurrencies since 2018, however a major part of it was stolen in 2022

Recent reports from NPR suggest that hackers from North Korea have stolen around $1.2 billion worth of cryptocurrencies. According to the reports, the crypto hacking operations began in 2018, however the operations significantly increased in 2022 since almost half of the $1.2 billion was stolen in 2022.

According to the South Korean Spy Agency, the National Intelligence Service (NIS), North Korea is using this stolen crypto by pumping it into their weakened economy in efforts to make it more stable.

While the world economy was badly damaged during the COVID-19 pandemic, most countries held their ground and were able to bounce back however North Korea, which already had a weak economy following a series of sanctions in 2016 and 2017, was not able to back from the pandemic.

With the economy being weaker than ever, North Korean hackers have stolen around $626 million in 2022 alone. NPR claims that around $78 million of this $626 million was stolen from South Korea alone.

Apart from carrying out hacking operations, North Korea is also notoriously famous for conducting ransomware attacks. Different reports suggest that the country has carried out ransomware attacks on healthcare providers in both the US and South Korea.

A Biden administration official while talking about the hacking operations said that “They need money, so they’re going to keep being creative. I don’t think the North Koreans are ever going to stop looking for illicit ways to glean funds”.

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