North Korea is accused of stealing over $1.7 billion in cryptocurrency from exchanges over a period of several years, according to South Korean media reports. The nation has been employing hackers to attack individuals and businesses from all around the world.
According to South Korean media, North Korea hacked $1.7 billion worth of cryptocurrency from exchanges. According to the sources, the highly sanctioned government is retaining the assets for the long term in order to maximize their value, rather than selling them quickly for cash.
There have long been allegations that North Korea has used hackers to take cash from exchanges. The United States also stated in October 2021 that it had been doing this for some years. According to the US statement:
“In this confiscation suit, the U.S. government has found that North Korean hackers conspired with other money-laundering criminals to steal virtual assets from three virtual asset exchanges and launder the proceeds.”
The obvious method of operation is for the hackers to send emails with malicious code to internal personnel, allowing them to steal from exchanges. The nation is also planning exchanges with countries such as South Korea, Slovenia, Indonesia, and the United States. Furthermore, according to sources, the funds were utilized to finance the country’s nuclear program and ballistic missile development.
With strong economic restrictions imposed on the country, North Korea has resorted to devious measures to avoid the penalties. Cryptocurrencies have emerged as a significant weapon in this campaign, which has alarmed governments and leaders. In the past, the US has warned of probable North Korean bank strikes, adding to the worries.
While an entire state committing cryptocurrency thefts is troubling, maybe what is more concerning is that thefts and hacks are a very typical occurrence in the cryptocurrency industry. With so much money streaming into the market, it is no surprise that hackers are targeting it.