South Korea’s National Intelligence Service (NIS) recently confirmed that North Korean hackers had stolen around $700 million worth of cryptocurrency in 2022. This alarming figure highlights just how much of an issue North Korea’s involvement in cryptocurrency crime has become.

According to a senior NIS officer, North Korea managed to steal an amount equivalent to the money that would enable the country to fire 30 intercontinental ballistic missiles. Furthermore, the officer believes that this stolen money makes up a whopping 30% of North Korea’s foreign currency income.

UN estimates have put the value of stolen cryptocurrency within the range of $630 million to over a billion. It is believed that the Lazarus Group, one of the state-funded hacker organizations, is linked to the infamous $620 million Axie Infinity’s Ronin network hack.

Hackers use crypto mixers such as Tornado Cash and Blender to siphon money, with the recent Atomic Wallet hack leading back to one of the mixers used by North Korean hackers.

To combat the issue, agencies all over the world have been taking action. The US Treasury Department, for example, issued sanctions against three individuals in April for their alleged support of the Democratic People’s Republic of Korea (DPRK) through illicit financing and malicious cyber activity.

This news serves as a reminder of just how far-reaching the implications of North Korean hackers can be. If you have any thoughts on the matter, or anything else, feel free to write to us or join the discussion on our Telegram channel. You can also find us on TikTok, Facebook, or Twitter.

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