North Korean hackers stole record amount of crypto in 2022

According to the UN’s confidential report, North Korean hackers stole more cryptocurrencies in 2022 than in any other year. 

Hackers steal assets worth millions

Per a UN assessment, North Korean-affiliated hackers stole digital assets valued between $630 million and $1 billion last year by attacking the networks of international aerospace and defense businesses.

To get access to digital networks used for cyberbanking and to steal information with potential value, especially for its weapons programs, North Korea used more advanced cyber methods, independent sanctions monitors disclosed to a UN Security Council committee.

According to sanctions monitors, the majority of claimed cyber attacks were planned by organizations under the authority of the Reconnaissance General Bureau (RGB), North Korea’s top intelligence agency.

However, as per the sanctions team, the North Korean hackers Kimsuky, Lazarus, Andariel, and others were followed by international cybersecurity organizations and acted under RGB’s directives.

Based on the sanctions sentinels, the entities used malware via several channels, including phishing. One such initiative targeted workers in several countries’ governmental and commercial sector businesses.

The weapons program’s hacking and expansion

As per Nikkei Asia, a UN panel started probing allegations of weapons exports and examining the alleged export of North Korean military communications technology.

Additionally, North Korea is charged with continuing to produce nuclear fissile material in the research. The report states that North Korea launched at least 73 ballistic missiles and rockets incorporating guiding systems, including eight intercontinental ballistic missiles.

Under Kim’s Jong-direction, North Korea is stepping up its nuclear testing and quickening the development of atomic weapons despite its faltering economy.

Chainalysis made similar observations

Similar findings were made last week by research by the blockchain analytics company Chainalysis, which determined that North Korean hackers were responsible for at least $1.7 billion in stolen crypto assets in 2022, making it the worst year ever for crypto hacking.

The amount is almost four times higher than the previous national record for digital currency theft, which was more than $430 million in 2021. The business referred to 2022 as “the greatest year ever for crypto hacking,” The haul also represented 44% of the $3.8 billion in crypto thefts that year.

The Lazarus Group, which has connections to North Korea, staged a $100 million crypto theft on the Horizon bridge blockchain network in 2022, according to FBI confirmation in January of this year.

Cybercrime is predicted to cost $11 trillion annually globally by 2025. Research from Purplesec US estimates that cybercrime costs the world $6 trillion annually in lost productivity.