According to South Korea's intelligence agency, North Korean hackers have stolen over $1.2 billion in bitcoin and other virtual assets in the past five years, with more than half of this amount taken just this year.
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| North Korean Hackers Steal Over $1.2 Billion in Virtual Assets |
Amidst heavy UN sanctions and the COVID-19 pandemic, experts and officials claim that North Korea has turned to crypto hacking and other illegal cyber activities as a desperate means to support its weakened economy and finance its nuclear development.
Since the tightening of UN economic sanctions in response to nuclear and missile tests in 2017, North Korea has shifted its focus to cybercrime, making it one of the world's largest countries in terms of stealing digital assets.
The 2016-17 UN sanctions banned major North Korean exports such as coal, textiles, and seafood, and forced member states to repatriate North Koreans working abroad. Following the imposition of some of the world's most severe restrictions to combat the pandemic, North Korea has suffered significant economic blows.
According to the National Intelligence Service (NIS), North Korean state-backed hackers are accused of stealing approximately $1.2 billion in virtual assets worldwide since 2017, including around $626 million just this year, with South Korea contributing over $78 million.
The report suggests that North Korean hackers are planning additional cyber attacks next year to obtain sensitive data on South Korea's national security and latest technologies.
In early this month, top diplomats from the United States, South Korea, and Japan decided to intensify efforts to stop North Korea's illegal cyber activities. A group of UN experts claimed in February that North Korea is still stealing hundreds of millions of dollars from banks, crypto firms, and exchanges.
Despite its economic hardships, North Korea has launched a record number of missiles to enhance its arsenal and bolster its negotiating leverage for easing sanctions or securing concessions from its rivals, according to some experts.