The 2022 bear was already incredibly brutal. However, scams and hacks made matters worse for the bitcoin market. North Korea was busy stealing money from other people’s wallets while the majority of the world was occupied with tracking down CEOs of insolvent companies who were on the run.
The entire world assumed that North Korea had been organizing numerous hacks over the last few years. There have been several prominent hacks associated with the nation. North Korea will steal the most bitcoins in 2022, according to a recent United Nations assessment that Reuters has obtained.
The report further stated,
“[North Korea] used increasingly sophisticated cyber techniques both to gain access to digital networks involved in cyber finance, and to steal information of potential value, including to its weapons programmes.”
Hackers with ties to North Korea were found to have targeted the networks of major aerospace and defence companies last year. The nation was successful in stealing digital currency assets worth between $630 million and $1 billion.
The 15-member North Korea sanctions committee also received the report from the sanctions monitors.
Unleashing North Korea’s Tricks Over Crypto Theft
Hackers have been found predominantly targeting bridges during the past year. The worst-hit networks included Harmony’s Horizon Bridge and Ronin Bridge. Bridges seem to have become an easy target for these hackers. There were also other parallels between these hacks. This includes emphasizing Asian-based companies. The difficulty of communication may have caused this pattern.
The fact that these N.Korean hackers work 16-hour shifts starting at six in the morning was also exposed. The hackers are reportedly sent to countries like Russia and China for specialised training in cyberwarfare. Furthermore, even with the cooperation of the FBI and other national security organisations, it would be exceedingly challenging to prosecute these hackers. It is definitely impossible to obtain stolen money in your possession.
Even more recently, a Chainalysis investigation claimed that $3.5 billion had been stolen in bitcoin thefts. Given the enormous costs involved in carrying out these hacks, North Korea is to blame for $1.7 billion of the total.