North Korean hackers stole cryptocurrency worth a staggering $721 million from Japan, according to a study by a United Kingdom (UK)-based compliance specialist. The cyber attackers looted a whopping amount of stolen crypto assets in merely five years.
The North Korean hackers targeted Japan, Vietnam, and Hong Kong, taking advantage of the mega-lucrative crypto market in these countries.
North Korean Crypto Hack Against Japan
This undated picture released from North Korea's official Korean Central News Agency (KCNA) on September 16, 2017 shows North Korean leader Kim Jong-Un (C) inspecting a launching drill of the medium-and-long range strategic ballistic rocket Hwasong-12 at an undisclosed location.
But despite that, Japan bore the brunt of the digital assault, suffering an enormous loss. Notably, Pyongyang employs elaborate cyberattacks to perform a mind-boggling heist to wipe out Japan's digital assets. As per Nikkei Asia, the North Korea-affiliated hacking gang Lazarus Group targeted the Land of the Rising Sun's crypto exchanges to loot millions of digital assets.
According to unnamed sources, the Japan-based business daily reports that North Korean cyber attackers are believed to have hijacked at least three crypto exchanges in the Japanese nation from 2018 to 2021. A new study by UK-based Elliptic shows that the Korean hackers have successfully run off with roughly $721 million from Japan since 2017. The mouth-watering loot represents around 30% of such losses globally.
According to Reuters, the shocking theft report comes after international bodies issued their alarm against prevalent cyberattacks, which cost hundreds of millions of dollars. The Group of Seven, or simply G7, finance ministers and central bank governors stated that they rally behind measures that would crack down the "growing threat from illicit activities by state actors." The top officials particularly mentioned crypto theft and the frequent missile launches of Pyongyang.
DW reports that the finance leaders of G7 held a meeting last Friday in Japan, wherein they also talked about pressing topics like support for Ukraine, inflation, and the overall economic health worldwide.
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North Korea Crypto Heist Soars to $2.3 Billion Crypto
An illustration picture taken in London on May 8, 2022, shows gold plated souvenir cryptocurrency Tether (USDT), Bitcoin and Etherium coins arranged beside a screen displaying a trading chart.
Besides Japan, the North Korean threat actors also targeted other countries, such as Vietnam, Hong Kong, and the United States (US), to carry out cyberattacks. However, the hackers looted most crypto from the Japanese nation.
In Vietnam alone, the North Korean-affiliated crypto heist is worth a whopping $540 million, whereas, in the US, it ballooned to $497 million. Meanwhile, in Hong Kong, the hacker stole roughly $281 million of digital assets.
It is unclear if North Korea uses these stolen cryptos from Japan and other countries for military purposes. Nikkei Asia says it poses a security threat if that is the case.
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