North Koreans Hackers Steal Billions In Crypto In Five Years

The National Intelligence Service of South Korea calculated that threat actors with ties to North Korea have stolen roughly 1.5 trillion won ($1.2 billion) in cryptocurrencies. Also, other virtual assets over the previous five years

According to experts and officials, North Korea has turned to crypto-hacking and other illegal cyber activities. However, as a source of desperately needed foreign currency to support its fragile economy. Also, to fund its nuclear program in response to harsh U.N. sanctions and the COVID-19 pandemic.

North Korean hackers stole $1.2 billion worth of assets

North Korea has focused on cybercrimes since U.N. economic sanctions were strengthened in 2017. However, it was in response to its nuclear and missile tests, according to South Korea’s main spy agency. Also, its ability to steal digital assets is thought to be among the best in the world.

The United Nations sanctions were put in place between 2016 and 2017. It was to forbade North Korea from exporting important goods like coal, textiles, and seafood. They also forced member states to bring home North Koreans who were working abroad. After it enacted some of the most severe restrictions in the world to combat the pandemic, its economy experienced further setbacks.

North Korean hackers are thought to have stolen $1.2 billion ($1.5 trillion) worth of virtual assets worldwide. However,  since 2017, including $800 billion ($626 million) just this year. It was stated that South Korea contributed more than 100 billion won ($78 million) of the total.

Despite the economic crisis, North Korea conducted missile tests

It was stated that more cyberattacks by North Korean hackers were anticipated to take place in the coming year. However, it’s an effort to steal cutting-edge South Korean technologies as well as private data pertaining to that country’s national security and foreign policy.

Despite its economic woes, North Korea has conducted a record number of missile tests this year. However, some experts believe it to be an effort to modernize its arsenal. Also, to increase its negotiating power in the future with its rivals.

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.