South Korea’s National Intelligence Service has revealed that state-sponsored North Korean hackers have stolen $1.2 billion in cryptocurrencies and digital assets from targets around the world over the past five years.
The National Intelligence Service reported that more than half of the stolen assets, or about $626 million, were recovered in 2022 alone, the Associated Press reported. Of the total abducted this year, more than $78 million came from South Korea. The intelligence service also expects North Korea to increase its cyberattacks against South Korea in 2023 and focus on stealing advanced technologies related to nuclear power plants, chips and the defense industry.
“Celebrating its third year under its five-year economic development plan for 2023, the North is expected to be committed to stealing key technologies and gathering diplomatic and security intelligence to achieve policy goals,” the National Intelligence Service said.
Additionally, it seems likely that North Korea will continue to engage in cryptocurrency theft. The service says that North Korean hackers are considered one of the best in the world at stealing cryptocurrency and digital assets. The FBI also revealed that it believes North Korea was responsible for about $625 million stolen from crypto gaming company Axie Infinity last March. The Axie Infinity theft is considered the largest crypto theft in history.
North Korea’s attempts at digital theft gained momentum after the United Nations tightened economic sanctions in 2017 banning exports of coal, textiles and seafood in response to the country’s nuclear weapons and missile tests. The general belief is that UN sanctions have forced North Korea to focus on cybercrime. According to US and international experts, the country is using a third of the stolen funds to finance its missile program. North Korea is considered one of the world’s leading nation-based cyber threats, along with China, Russia, and Iran.
As of November this year, North Korea has conducted 34 weapons tests, including about 88 ballistic and cruise missiles. In November, the country tested two intercontinental ballistic missiles that experts say could hit anywhere in the United States.
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