North Korean Hackers Stole $659M Through Crypto Attacks Last Year

North Korean Hackers orchestrated a series of sophisticated cyberattacks, stealing an estimated $659 million worth of cryptocurrency in 2023. According to a joint statement from South Korea, the United States, and Japan, these stolen funds are believed to play a critical role in financing North Korea’s illicit weapons development programs.

This marks the first time these three nations have openly accused North Korean Hackers of orchestrating such a massive crypto heist. Among the targeted platforms were India’s WazirX exchange, which suffered losses of $235 million, and Radiant Capital, which lost $50 million in a cyberattack.

How North Korean Hackers Stole $659M in Crypto

An additional $374.13 million was reportedly siphoned from platforms such as DMM Bitcoin, Upbit, and Rain Management, as detailed in an industry report. The statement identifies North Korean Hackers, including the infamous Lazarus Group, as being behind these thefts.

These groups employed advanced and covert cyberattacks, often deploying sophisticated malware. “The DPRK’s cyber program poses a severe threat to the safety and stability of the international financial system,” the joint statement warned.

Warnings for Blockchain Companies

The joint statement also issued a caution to blockchain companies and cryptocurrency exchanges, urging them to:

• Strengthen cybersecurity measures to counter potential threats.
• Avoid unknowingly employing North Korean IT workers, who may act as conduits for these hacks.

“Our three governments are united in preventing thefts, including those targeting private industry, and recovering stolen funds,” the nations affirmed.

A History of Cyber Attacks by North Korean Hackers

North Korea has long relied on cybercrime to finance its weapons and missile programs. Groups like Lazarus have been implicated in high-profile thefts targeting banks and cryptocurrency exchanges globally. These attacks often disrupt international financial stability and fuel the country’s military ambitions.

Global Efforts to Combat North Korean Hackers

The three nations emphasized their continued collaboration to counter North Korea’s growing cyber threats. They highlighted the urgent need to recover stolen funds and dismantle financial channels that support the country’s weapons programs.

By addressing these issues, South Korea, the United States, and Japan aim to bolster the security of the global financial ecosystem and prevent further exploitation of blockchain and cryptocurrency technologies.