April 15, 2024

According to a study conducted by UK blockchain analysis provider Elliptic, hacker groups associated with North Korea have managed to steal approximately US$721 million ($1.07 billion) worth of cryptocurrency assets from Japan since 2017. This staggering amount accounts for about 30 percent of the total global losses attributed to such incidents. The report by Elliptic sheds light on the alarming scale of cryptocurrency theft orchestrated by North Korea.

The release of this study coincides with the recent statement from the Group of Seven (G7) finance ministers and central bank governors, expressing their support for countermeasures against the rising threat of illicit activities conducted by state actors, including the theft of crypto-assets. The G7’s acknowledgment of this issue highlights the need for robust strategies to tackle these cyber threats effectively.

The analysis conducted by Elliptic, on behalf of a Japanese newspaper, reveals that North Korea has successfully stolen a staggering total of US$2.3 billion in cryptocurrency from various businesses between 2017 and 2022. This showcases the persistent and ongoing efforts by North Korean hacker groups to exploit vulnerabilities in the cryptocurrency ecosystem for their financial gain.

The significant amount of cryptocurrency stolen by North Korea emphasizes the importance of bolstering cybersecurity measures and implementing stringent regulatory frameworks to safeguard against such attacks. As the global adoption of cryptocurrencies continues to grow, it becomes imperative for individuals, businesses, and governments to remain vigilant and proactive in addressing the security challenges posed by cybercriminals.

Efforts to combat cyber threats and protect the integrity of the cryptocurrency market require collaboration and information sharing among international organizations, governments, and law enforcement agencies. By collectively addressing these challenges, we can create a more secure environment for the continued growth and innovation of cryptocurrencies while deterring malicious actors from exploiting the system.

 

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