G7 Nations Fail to Stop North Korea’s Crypto Hacks: Japan’s Warning

Key Points:

• Japanese officials claim G7 nations must take action against North Korean crypto hacks.
• $721M worth of crypto stolen by North Korean hacker groups from Japan since 2017.
• North Korean hackers also blamed for raids on Vietnamese, US and Hong Kong crypto sites and wallets.

According to a recent report from Nikkei, a high-ranking official from the Japanese Ministry of Finance has expressed concern over the lack of action being taken to counter North Korea’s cyber attacks on the cryptocurrency industry.

The official noted that despite sanctions, North Korea is still able to continue its missile and other activities, thanks to its unjustifiable actions involving crypto assets, including the theft of tokens. As such, the Japanese government has called on other nations to follow its lead and take a more proactive approach to blocking North Korea’s cyber raids.

In a separate report, the blockchain analysis firm Elliptic has claimed that most of the crypto stolen by North Korean hackers has been taken from Japanese targets, with hacker groups affiliated with Korean government organs having stolen $721 million worth of crypto from Japan since 2017. This number is a staggering 8.8 times greater than the value of Korea’s exports in 2021, according to figures from the Japan External Trade Organization.

North Korean hackers have also been blamed for raids on Vietnamese crypto sites and wallets worth $540 million, and Elliptic has claimed that $497 million has been stolen from the United States. Hong Kong wallets and platforms have allegedly been raided to the tune of $281 million since 2017, according to the same report.

The situation is worrying, as the theft of tokens and other crypto assets represents a serious threat to the security and stability of the global financial system. As such, it is imperative that governments and other stakeholders take decisive action to prevent such cyber-attacks and safeguard the integrity of the cryptocurrency industry.

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Annie

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