- Increased capital inflows into the cryptocurrency markets have also attracted the attention of bad actors.
- State-backed hacking groups in North Korea have been particularly prolific.
- A new study reveals that Japan was a primary target.
In recent years, the cryptocurrency markets have attracted more interest and capital inflows. While this attention is largely positive, it has not gone unnoticed by bad actors, such as crypto hacks also increased.
Groups associated with North Korea such as Lazarus groupKimsuky and Andariel proved particularly prolific during this period, as highlighted by several reports. These groups have been behind some of the worst attacks in recent crypto history, including Ronin Bridge breached in March 2022 That cost investors more than 600 million dollars and Harmony Horizon Bridge attack in June 2022 which cost more than $100 million.
A recent study indicates that Japan It has been the primary target of these North Korean-supported attacks in the past five years.
Japan hit $721 million
Japan lost an estimated $721 million in cryptocurrency to North Korean hackers from 2017 to 2022, per Nikki a report on Monday, May 15, citing a study by Elliptic.
According to an Elliptic study commissioned by the Japanese newspaper, this figure accounts for 30% of all losses worldwide due to such attacks. Elliptic puts the total value lost by crypto companies during the period at $2.3 billion, which identifies Vietnam, United StateHong Kong was among the biggest losers, with losses of $540 million, $497 million, and $281 million, respectively.
While state-backed crypto attacks in North Korea come in two forms: hacks and ransomware, Elliptic revealed that its analysis primarily covered hacks involving cryptocurrency exchanges.
United Nations Security Council a report In February, the value of crypto assets stolen by North Korean hackers was estimated to be between $630 million and $1 billion in 2022 alone. The report indicated that these groups use sophisticated methods that make it difficult for law enforcement agencies to track stolen assets under the supervision of the General Reconnaissance Bureau, North Korea’s main intelligence agency.
on the flip side
- decomposition estimates North Korean hackers stole $1.7 billion worth of cryptocurrency in 2022.
- The Group of Seven finance ministers and central bank governors confirmed in a statement On Saturday, May 13, they supported efforts to address risks arising from illicit activities of government actors, such as theft of crypto assets.
Why should you bother
Investors and companies have lost millions of dollars due to hacking operations organized by these North Korean groups. Allegedly, this money was used to finance nuclear missile research and development.
Learn more about the exploits of North Korean groups:
Bitcoin price action leaves traders confused. Find out more: