Since 2017, hackers sponsored by North Korea have stolen nearly $500 million worth of cryptocurrencies from U.S. companies, according to a new analysis.
According to a Nikkei-sponsored Elliptic analysis, since 2017, North Korean hackers have stolen $497 million in cryptocurrencies from U.S. businesses.
Elliptic’s analysis focused on businesses whose cryptocurrencies were transferred to wallets associated with North Korea’s state-sponsored Lazarus Group — a notoriously exploitative organization linked to several DeFi projects.
The United Nations and the U.S. government have repeatedly emphasized how the Asian nation backs cybercrime to fund its missile program.
According to a U.N. report, hackers in the country plundered over $1 billion in crypto assets in 2022, more than double the amount they stole in 2021.
In the meantime, the Nikkei-sponsored analysis revealed that the state-sponsored hackers also targeted Japan, Vietnam, and Hong Kong.
Japan as the primary target for North Korean hackers
According to the analysis, hackers stole $2.3 billion worth of crypto assets from businesses around the globe in the past five years.
Japan is a major target for these hackers, who have stolen $721 billion from Japanese businesses, representing 30% of their illicit wealth. Vietnam followed; they seized $540 million and $281 million from Hong Kong.
The study revealed that hackers relied on ransomware payments and hacking to acquire illicit funds. In some cases, they stole directly from crypto exchanges or exploited the vulnerability in cross-chain DeFi projects like Horizon.
In particular cases, they compromised businesses’ data and demanded cryptocurrency ransoms.
U.S. authorities Intensify scrutiny of DeFi exploiters
Eun Young Choi, a U.S. Department of Justice (DOJ) representative, stated earlier today that the federal agency would increase its scrutiny of DeFi exploiters due to the prevalence of hackers backed by North Korea.
Choi stated that the DOJ was collaborating with other agencies and regulators to identify and prosecute individuals who use DeFi platforms for illicit purposes.
In addition, he cautioned that users of DeFi should be aware of the risks and responsibilities associated with using these platforms, such as complying with anti-money laundering and sanctions laws.
