North Korean state-sponsored hacking groups have stolen approximately $3 billion worth of cryptocurrencies since 2017, according to a new report by cybersecurity firm Recorded Future.
Remarkably, over half that figure – around $1.7 billion in crypto – was allegedly stolen just in 2022. Last year’s haul equates to nearly 5% of North Korea’s entire economy.
The stolen crypto also vastly outweighs North Korea’s $182 million in total export income last year. Officials enable scaling criminal crypto operations beyond what is possible for regular hackers.
Initially targeting South Korean crypto markets, North Korean cyber threat actors have since greatly expanded globally according to researchers.
The U.S. Treasury recently sanctioned crypto mixer Sinbad for allegedly laundering funds for North Korea’s prolific Lazarus hacking group. UN officials say tracing stolen crypto is getting harder as tactics become more sophisticated.
With state backing, North Korea-linked groups have pulled off staggering crypto theft figures that fund illicit state programs. Their expanding capabilities remain an ongoing global threat.
