2022 Witnessed A Two-Fold Increase In Cryptocurrency Thefts By North Korea

2022 Witnessed A Two-Fold Increase In Cryptocurrency Thefts By North Korea

Recent reports indicate that North Korean hackers have reportedly stolen almost $1 billion worth of digital currencies, making it the largest heist of its kind in recent times.

This information comes from a yearly report by the United States Security Council. According to the report, the theft’s estimated value ranges between $630 million to over $1 billion, which is more than double the sum stolen in 2021.

Source: chainalysis

North Korea has been busy honing its skills in the realm of cryptocurrency crimes. Industry insiders are saying that they’re using some seriously advanced techniques to infiltrate digital networks involved in cyber finance and make off with valuable information, including stuff related to their weapons programs.

And to make matters worse, these cybercriminals are constantly upping their game with increasingly sophisticated methods, making it even tougher to trace any stolen funds.

The report recommends that all member countries take steps to prevent money laundering. Interestingly, the panel is also investigating apparent exports of military communications equipment to Russia. North Korea denies any wrongdoing, but the sanctions just keep coming.

North Korea Allegedly Laundering Money Through DeFi

It seems that the US Treasury is also keeping an eye on suspicious financial activities happening in the DeFi world. According to a press release that came out on April 6, the department revealed that North Korea was using DeFi to launder money.

Yikes! While the release acknowledged that DeFi services could have some benefits, it also stressed that the risks associated with money laundering must be addressed. The private sector has been urged to do its part and take appropriate action against the shady financial activity.

Crypto Firms Recently Targeted By Hackers

North Korean hackers seem to have been causing trouble lately, and crypto firms have been a prime target. Recently, they managed to break into several crypto companies by hacking into a VoIP application called 3CX. Around 600,000 companies use this software!

The real problem is that these hackers use a sneaky supply chain hack to plant more harmful programs into computer systems. This is a huge concern for crypto companies and governments, especially since North Korea won’t be slowing down its cyber operations anytime soon.

Also Read: What Will Happen After The Expiration Of $4.8B Worth Of Ethereum Options?

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