North Korean Hackers Steal IDR 46.5 Trillion in Crypto, More Than Half in the Last Year

North Korean hackers have stolen IDR 46.5 trillion in cryptocurrency (photo: thehackernews.com)

JAKARTA - According to the United States cyber security company, Recorded Future, North Korean hackers have stolen around 3 billion US dollars (IDR 46.5 trillion) in cryptocurrency since 2017, with more than half of that amount stolen in just the last year.

In its latest report, Recorded Future stated that the amount of crypto stolen was equivalent to about half of North Korea's total military budget for one year.

"North Korean threat actors are accused of stealing around 1.7 billion US dollars (IDR 26.3 trillion) of crypto in 2022 alone, an amount equivalent to around 5% of North Korea's economy or 45% of the country's military budget," said Recorded Future , in his report.

Moreover, the amount stolen exceeded the country's total annual earnings from exports by a significant margin.

"This amount is also almost 10 times the value of North Korean exports in 2021, which reached 182 million US dollars (IDR 2.8 trillion)," the report said.

Meanwhile, reports explain that North Korean hackers initially targeted South Korea for crypto, before expanding their focus to the rest of the world.

"North Korean cyber actors are shifting from traditional finance to this new digital financial technology by first targeting the South Korean cryptocurrency market before significantly expanding their reach globally," Recorded Future added.

Support from the North Korean government has led to a significant increase in the scale of these illegal operations.

"State support allows North Korean threat actors to expand their operations beyond what would be possible for traditional cybercriminals," the report states.

In recent news, the United States Treasury Department's Office of Foreign Assets Control imposed sanctions on crypto filter Sinbad, alleging the platform facilitated laundered funds for the North Korea-based Lazarus group.

According to a UN report, cyberattacks are more sophisticated in 2022 compared to previous years, making tracking stolen funds more difficult than ever.

Meanwhile, blockchain analysis firm Chainalysis called the cybercrime syndicate group "the most prolific crypto hackers in recent years."

Additionally, Chainalysis noted that hackers associated with North Korea are moving funds through crypto filters such as Tornado Cash and Sinbad at a much higher rate compared to other criminal groups.