A new report from blockchain data analysis firm Chainalysis reveals that North Korean hackers have stolen a record-breaking $1.34 billion in cryptocurrency this year, more than double the amount stolen in 2022.
The report, released on Thursday, states that North Korean-linked hackers carried out 47 cryptocurrency thefts, targeting multiple platforms. This year’s total surpasses the $1.1 billion stolen in 2022, more than doubling from last year’s $660.5 million. It is the largest amount ever recorded by the firm.
In addition, the report highlights that North Korean hackers were responsible for 60.9% of the total $2.2 billion stolen from cryptocurrency platforms worldwide in 2022, according to Chainalysis.
Chainalysis also assessed that “North Korea’s cryptocurrency attacks appear to be increasing in frequency,” raising alarms about the growing scope of these cybercrimes.
The United States, South Korea, and Japan, which have been closely monitoring the situation, have expressed concerns over the scale of North Korea’s cryptocurrency thefts. These funds are believed to be supporting North Korea’s ongoing nuclear weapons and ballistic missile development programs. The three countries have now focused their efforts on halting these illicit activities and curbing North Korea’s ability to finance its weapons programs through cybercrime.
In particular, during a March diplomatic working-level meeting held in Washington, D.C., the three nations expressed concerns over North Korean IT personnel using false identities to secure contracts with global IT firms. These workers are not only helping fund North Korea’s nuclear and missile development but are also believed to be involved in various cyberattacks, including hacking.