Seoul: North Korean hackers steal US$ 1.2 billion by crypto hacking and other illicit cyber activities
South Korea’s intelligence service reported on Thursday that North Korean hackers had stolen an estimated 1.5 trillion won (USD 1.2 billion) in bitcoin and other virtual assets over the previous five years, with more than half of it happening this year alone. As per experts, North Korea has turned to crypto hacking and other illegal cyber operations as a source of desperately needed foreign cash to maintain its fragile economy and fund its nuclear development in response to tough UN sanctions and the COVID-19 pandemic.
North Korea’s concentration on cybercrimes after UN economic sanctions were strengthened in 2017 in response to its nuclear programme has made it one of the world’s finest countries at stealing digital assets, according to South Korea’s major spy agency, the National Intelligence Service.
The UN sanctions that were imposed in 2016–17 prohibited North Korea from exporting goods including coal, textiles, and seafood, and forced member nations to bring home North Koreans who had been working abroad. After enacting some of the most severe restrictions in the world to combat the epidemic, its economy experienced significant blows.
In accordance with the NIS, state-sponsored North Korean hackers are suspected of stealing 800 billion won (USD 626 million) in virtual assets this year alone, for a total estimated theft of 1.5 trillion won (USD 1.2 billion) since 2017. It was stated that South Korea contributed more than 100 billion won (USD 78 million) to the total.
It stated that further assaults by North Korean hackers are most likely to target South Korean innovative technology and private data in the next year.
Despite its economic issues, North Korea has conducted a record number of missile launches in an effort, according to some experts, to upgrade its arsenal and increase its negotiating power in the event that it has to negotiate sanctions relief or other concessions from its adversaries.
(With inputs from agencies)
