North Korean hackers rake up US$3B in Crypto over six years

A recent analysis by Recorded Future's Insikt Group claims that over the previous six years, hackers from North Korea have purloined an estimated US$3 billion in cryptocurrency.

Beginning with the South Korean market, the regime has placed a growing emphasis on the cryptocurrency sector. This has grown to be a significant source of income for the government, with funds obtained through theft being utilised to support weapons and military projects. 

It is even claimed that there is a direct correlation between the amount and frequency of cryptocurrency theft and missile launches. Both the volume of stolen cryptocurrency and the number of missile launches have increased recently, even though it is unclear how much of it was used to launch ballistic missiles.

According to the report, in 2022 alone, 44% of all cryptocurrency theft was the result of North Korean hacking groups. The Lazarus Group, Andariel, Kimsuky, and other groups have all targeted “individual users, venture capital firms, and alternative technologies”.

Theft of cryptocurrency is frequently exchanged for fiat money via money laundering networks or over-the-counter (OTC) exchanges. Hackers from North Korea employ a range of techniques, such as photo editing and identity theft, to get around anti-money laundering (AML) regulations.

The North Korean regime now relies heavily on cryptocurrency theft, as stated in the report. North Korea employs about 6,000 hackers to get financial and intelligence data, according to the FBI.

Cryptocurrency enthusiasts are increasingly turning to gaming laptops, such as the ASUS ROG Strix Scar 15, to dip their toes into the world of cryptocurrency mining. This high-performance gaming laptop is currently available on Amazon at a 29% discount for US$1,449.99.