In short: Hackers affiliated with North Korea stole $721 million worth of crypto assets from Japan between 2017 and 2022, according to a study by Elliptic. The hackers targeted Japan and Vietnam due to their rapidly growing crypto markets and lax security systems. The cybercriminals primarily used hacking to steal assets and enable North Korea to raise foreign currency due to the country's struggle to secure foreign currency. Other countries targeted included the United States and Hong Kong.
Our quick analysis:
Recent studies conducted by Elliptic, a blockchain intelligence firm, reveal that North Korea-affiliated hacking groups stole $721 million worth of digital assets from Japan between 2017 and 2022. Shockingly, this amount equates to almost a third of the total global losses attributed to the notorious state-sponsored hackers. It appears that while many countries were targeted, the primary focus was on Japan and Vietnam, where crypto exchange platforms had weak security systems.
As mentioned in the report, one of the targeted platforms, Zaif lost $51.4 million in 2018 and has since closed its doors. The study also reveals that North Korea has resorted to hacking to secure the foreign currency needed, following the imposition of extensive U.S. and United Nations sanctions. Due to strict restrictions on trade by international financial agencies, North Korea is using its elite hacking unit to exploit the rapidly growing crypto market, with two types of attacks - hacking and ransomware.
The common preferred tactic is hacking, which allows North Korea to amass huge amounts of crypto-assets from a single targeted exchange - making it a quick and easy means of raising foreign currency for Pyongyang. Nikkei Asia, which commissioned the report, mentions that the figures suggest that North Korea has been successful in this mode of operation, ripping off the United States of $497 million, Hong Kong $281 million, and those enormous figures in Japan.
What are your thoughts on this staggering story of our times? Share with us in the comments section below!
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Recent studies conducted by Elliptic, a blockchain intelligence firm, reveal that North Korea-affiliated hacking groups stole $721 million worth of digital assets from Japan between 2017 and 2022. Shockingly, this amount equates to almost a third of the total global losses attributed to the notorious state-sponsored hackers. It appears that while many countries were targeted, the primary focus was on Japan and Vietnam, where crypto exchange platforms had weak security systems.
As mentioned in the report, one of the targeted platforms, Zaif lost $51.4 million in 2018 and has since closed its doors. The study also reveals that North Korea has resorted to hacking to secure the foreign currency needed, following the imposition of extensive U.S. and United Nations sanctions. Due to strict restrictions on trade by international financial agencies, North Korea is using its elite hacking unit to exploit the rapidly growing crypto market, with two types of attacks - hacking and ransomware.
The common preferred tactic is hacking, which allows North Korea to amass huge amounts of crypto-assets from a single targeted exchange - making it a quick and easy means of raising foreign currency for Pyongyang. Nikkei Asia, which commissioned the report, mentions that the figures suggest that North Korea has been successful in this mode of operation, ripping off the United States of $497 million, Hong Kong $281 million, and those enormous figures in Japan.
What are your thoughts on this staggering story of our times? Share with us in the comments section below!
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
0 Comments
Please, behave!