Toni Dimaano Tech 12.22.2022 20:Dec PM EST

North Korea Has Looted $1.2 Billion In Virtual Assets, South Korean Spy Agency Reveals

South Korea's premier spy agency has found that North Korean hackers have stolen $1.2 billion in cryptocurrencies and other digital assets globally since 2017.

According to the South Korean National Intelligence Service, North Korea turned to illicit online activities to support its economy and finance its nuclear program.

North Korean Hackers Are Considered The Best Cybercriminals In The World

Because of its focus on cybercrime, North Korea is regarded as having among the best abilities to steal digital assets in the world, according to The Washington Post.

With this, the United Nations economic sanctions were strengthened in response to the North Korean nuclear and missile tests in 2017.

These sanctions also banned important North Korean exports like coal, textiles, and seafood, also forcing member states to bring back overseas workers home.

It can be remembered that after implementing some of the most severe restrictions in the world to combat the pandemic, North Korea's economy experienced further setbacks.

According to the NIS, approximately $626 million worth of the stolen assets, or more than half of all stolen assets, were taken in 2022 alone.

In fact, according to the FBI, North Korea was behind the theft of about $625 million from cryptocurrency gaming company Axie Infinity in March.

A Chainalysis report from July also showed that North Korean hackers significantly increased their activity in the second quarter of 2022.

In order to achieve its political objectives, the North is anticipated to be adamant about stealing key technologies and gathering diplomatic and security intelligence in 2023, Gizmodo writes.

North Korea tested 34 weapons systems using about 88 ballistic and cruise missiles as of November of this year, two of which can hit anywhere in the US.

According to Cryptoslate, other research has revealed that North Korea is leading the world in crypto crimes, with the notorious Lazarus Group being the most well-known.

With this, Lazarus has been identified as the perpetrator of significant breaches like the Harmony Horizon Bridge and Axie Infinity's Ronin Network exploit.

North Korea Is Using Crypto For State-Funding

According to the NIS, North Korean hackers plan to launch more cyberattacks the following year in an effort to steal cutting-edge South Korean technologies as well as secret knowledge about national security and foreign policy.

Senior diplomats from the United States, South Korea, and Japan decided earlier this month to step up efforts to stop illegal North Korean cyber activities.

Additionally, a group of UN experts claimed in February that North Korea was still stealing hundreds of millions of dollars from banks, cryptocurrency companies, and exchanges.

North Korea has conducted a record number of missile tests this year despite its economic woes, which some experts believe is an effort to modernize its arsenal.

The Washington Post reports that it is done to increase the country's negotiating power with rivals in the future in order to obtain sanctions relief and other concessions.