Kim Jong Un‘s North Korean hackers have reportedly stolen a staggering $1.3 billion in cryptocurrencies this year. This amount represents more than half of the total $2.2 billion stolen globally, according to research firm Chainalysis. The report highlights the increasing threat posed by these cybercriminals, who have more than doubled their haul from the previous year.
What Happened: The report indicates that some of these cybercriminal activities involved North Korean hackers posing as remote IT workers to infiltrate cryptocurrency and technology firms. The surge in stolen cryptocurrency underscores the industry’s need to address the evolving threat landscape, according to Chainalysis, BBC reported on Friday.
The report also notes that the majority of the stolen crypto was due to compromised private keys, which are essential for controlling access to user assets on crypto platforms. Significant incidents this year included the theft of $300 million in Bitcoin from DMM Bitcoin in Japan and nearly $235 million from WazirX in India.
See Also: Bitcoin, Ethereum, XRP Plunge Over 6% Each, Dogecoin Drowns 14% On Turbulent Post-FOMC Thursday
The U.S. government has accused the North Korean regime of using cryptocurrency theft to evade international sanctions and fund its weapons programs. A federal court in St. Louis recently indicted 14 North Koreans for their alleged involvement in a conspiracy to extort funds from U.S. companies.
Why It Matters: The escalation of North Korean cyberattacks on cryptocurrency platforms has been a growing concern. Earlier this year, reports indicated that these state-sponsored hackers had intensified their efforts, resulting in billions of dollars in losses. The sophistication of these attacks raises significant questions about the security of digital assets and the broader implications for the global financial system.
Additionally, the FBI has issued warnings about potential North Korean cyber activities targeting U.S.-based exchange-traded funds associated with Bitcoin and Ethereum.
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