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North Korea's crypto theft reaches a record high

Last year, North Korean hackers stole more cryptocurrency than ever before.

By Mike Hesp
• 1 min read
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North Korea's crypto theft reaches a record high

Last year, North Korean hackers stole more cryptocurrency than ever before. According to the UN, Kim Jong-un is using it to fund his illegal nuclear weapons program.

North Korea stole more crypto assets in 2022 than ever before. This Reuters report, citing a United Nations (UN) report. Specifically, it states: "North Korea continues to use increasingly sophisticated cyber techniques to access digital networks involved in cyber finance."

The FBI confirmed in April 2022 the involvement of the North Korean Lazarus hacker group in the largest DeFi heist to date. At the time, about $625 million disappeared. The report notes: "The techniques used by cyber criminals have become more advanced, making it harder to trace stolen funds."

According to the UN, Kim Jong-un funds his illegal nuclear weapons program with money that his army of hackers annually funnels into North Korea's war chests. North Korea has denied the accusation, however.

Overall, 2022 was the most successful year ever for hackers in the crypto sector. Cybercriminals netted a total of $3.8 billion. $1.7 billion was stolen by criminals allegedly employed by North Korea.

The Lazarus Group's most recent suspected attack was on the Harmony crypto platform in June 2022. Loot value: $100 million.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.