North Korean Hackers Steal Millions In Cryptocurrency From Businesses Around The World

North Korean Hackers Steal Millions In Cryptocurrency

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The threat from North Korean-sponsored hackers has increased in recent years, and a new Nikkei-sponsored analysis by Elliptic reveals that they have stolen $497 million worth of cryptocurrency from US companies since 2017. This criminal activity has been a form of financing the Asian country’s missile program, and the United Nations and the US government have condemned this activity.

Methods used by hackers to steal cryptocurrency.

Elliptic’s analysis reveals that North Korean hackers have used various methods to steal cryptocurrency. Some of these include:

  • Ransomware and hacking payments.
  • Theft directly from crypto exchanges.
  • The exploitation of vulnerabilities in cross-chain DeFi projects like Horizon.
  • Hack into companies’ data and force them to pay a ransom in cryptocurrency.

Countries under attack.

Elliptic’s analysis also identified countries that have been targeted by North Korean-sponsored hackers. Japan has been the main target, with hackers stealing $721 billion from companies in the country, equal to 30% of its illicit wealth. Vietnam has also come under attack, with hackers stealing $540 million, followed by Hong Kong with $281 million.

To end.

The Nikkei-sponsored Elliptic analysis demonstrates the importance of cybersecurity in the world of cryptocurrenciesNorth Korean hackers have used a variety of methods to steal cryptocurrency, targeting countries including Japan, Vietnam, and Hong Kong.

It is essential that crypto exchanges and cryptocurrency companies take proper security measures to prevent these attacks. Additionally, governments around the world must work together to address this criminal threat and ensure action is taken to protect businesses and consumers.