In the past, there have been numerous instances of cryptocurrency theft linked to hackers operating from North Korea. The rising global acceptance of cryptocurrencies has rendered them an appealing target for cybercriminals. Their decentralized nature and the regulatory uncertainties surrounding them have exposed cryptocurrencies to vulnerabilities and made them susceptible to such attacks.
In the year 2022, the trend of cryptocurrency theft persisted, witnessing a surge from $3.3 billion in 2021 to $3.8 billion in reported thefts. North Korean hackers were involved in the theft of approximately $1.7 billion worth of cryptocurrencies, as stated in various reports.
Safeguarding Cryptocurrency: Security Measures Needed
Recent updates from Yonhap, South Korea’s state intelligence agency, revealed that a staggering $700 million worth of crypto was stolen by North Korea during a crypto heist in 2022. This substantial amount, if used differently, could afford North Korea the resources to acquire 30 intercontinental ballistic missiles, as highlighted by the intelligence agency.
A high-ranking official from the National Intelligence Service (NIS) affirmed that North Korea was responsible for seizing $700 million in virtual assets through two separate incidents in the previous year.
Over the past years, North Korea’s cyberattacks have intensified, with a specific focus on the space and defense sectors both within its borders and beyond. This escalation coincides with the country’s ambitions to bolster its nuclear capabilities and launch space satellites, as disclosed by an official source.
Despite facing international pressure, North Korea persists in intensifying its efforts to pilfer virtual assets and convert them into monetary gains. According to experts’ estimates, hacking activities contribute to approximately 30 percent of North Korea’s foreign currency earnings.
The series of thefts involving digital assets underscores the necessity for enhanced security measures in the digital financial realm. As the popularity and adoption of digital currency continues to grow, so does the allure for cybercriminals seeking to exploit the vulnerabilities present in the decentralized system. Regulatory bodies and industry stakeholders must collaborate to develop robust protective measures to safeguard against such threats and maintain the integrity of the digital assets landscape.