North Korea Steals $1 Billion in Cryptocurrency Assets

• North Korea has been using cyberattacks to bypass economic sanctions.
• The country allegedly stole $1 billion worth of cryptocurrency assets in 2022.
• The amount of stolen cryptocurrency almost tripled in 2022.

According to a recent report by the United Nations (UN), North Korea has allegedly stolen as much as $1 billion worth of cryptocurrency assets in a year. The report, states that North Korea has been using cyberattacks to target cryptocurrency exchanges and financial institutions to obtain digital assets.

The report states that these attacks are part of North Korea’s ongoing efforts to evade economic sanctions imposed by the international community. The country has been under strict economic sanctions for its nuclear weapons program and has turned to cyberattacks to bypass these measures.

As per a report released on Wednesday, a panel responsible for monitoring the enforcement of sanctions against Pyongyang has revealed that the amount of stolen cryptocurrency almost tripled in 2022 compared to the previous year.

In 2021, cybercriminals in North Korea stole an astounding $630 million worth of cryptocurrencies. In 2022, however, the numbers dramatically increased, with a startling $1 billion taken that year alone.

The UN study indicates that although the estimations may have been affected by the recent volatility in the USD value of Bitcoin, it is evident that North Korea’s theft of virtual assets hit a record level in 2022. The analysis implies that North Korean hackers have successfully targeted digital assets despite the unpredictable nature of Bitcoin.

Ransomware Extorted Small and Medium-Sized Businesses

The UN report also highlighted the operations of HOlyGhOst, a hacker organization with connections to North Korea that has launched broad, financially driven attacks against SMEs. Using ransomware, the organization allegedly extorted money from these businesses, as reported by a cybersecurity company.

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