North Korea Collected 1.5 Trillion Won By Hacking Crypto and Other Assets

North Korea has the best hackers in the world.
North Korean hackers have stolen 1.5 trillion won

According to South Korea’s spy agency, as of Thursday reports North Korean hackers have reportedly stolen huge amounts of cryptocurrencies in the last five years.

As per the data present in the last five years North Korean hackers have stolen 1.5 trillion won(1.2 billion U.S dollars) in cryptocurrencies including several cryptocurrencies.

Analysts and Officials believed that the hackers of North Korea did these hacks because their economy is badly affected and foreign currency to support its fragile economy and fund its nuclear program following harsh U.N sanctions and the COVID-19 pandemic.

South Korea’s major spy agency agency the National Intelligence Service quoted that Norea Korea has one of the best hackers on global level because the country focuses on cybercrime since U.N economic sanctions were made tough in response to its nuclear and missile tests.

Earlier U.S sanction which was imposed in 2016-2017 restricted major exports products of North Korea like coal,textiles and seafood and also leading members to states to repatriate North Korean oversea workers.

The Lazarus Group, a North Korean hacker group, has been accused of carrying out a robbery on cryptocurrency exchange KuCoin, which was labelled the greatest cryptocurrency theft of last year at $275 million in virtual currency.

North Korea’s investment in offensive cybersecurity is paying off for Kim Jong-dictatorship, the un’s with a mix of more sophisticated digital attacks and massive cryptocurrency thefts while costing victims their privacy and, in some cases, their crypto fortune.

The total amount collected by hackers is around $1.2billion and it is believed that half of the amount is collected in the current financial year 2022.

It is a bitter truth that North Korea is suffering from a financial crisis but it is also a truth that North Korea has carried out a record number of missile tests in 2022.

Why Is North Korea Facing a Financial Crisis?

Making North Korea 177th freest in the 2022 index and in Asia-pacific regions North Korea is ranked 39th among all 39 countries.

As per data North Korean economy shrinks by 8.0 percent in 2020 and further in 2021 the economy structure collapses by 5.0 percent and it i8s believed that Korea’s economy is continuously shrinking.

Several economic experts believe that North Korea’s economy is under great trouble because of mismanagement of natural and available resources.