North Korea Is The Leader In The World In Crypto Crime: Report

North Korea is the leader in the world in crypto crime cases with hackers being implicated in crypto-jacking, thefts, and other crypto scams over the past decade so let’s read more today in our latest cryptocurrency news.

According to Coincub, the country has 15 documented cases of crypto crime with proceeds estimated at $1.59 billion. The other four countries include the US, Russia, the UK, and China. Even though the real extent of the North Korean contribution to crypto crime rates is uknown, Coincub stated that their cyber program is well organized and huge.
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A vast majority of citizens in the country have a hard time with food insecurity and undernutrition as well as lack to basic services but they also do not have access to the glboal internet. However, the country became a superpower in hacking.

The isolated nation of North Korea is the leader in the world of crypto attacks and it created a new breed of hackers that made some of the biggest and most catastrophic breaches. When it comes to crypto crime, the North Korean hackers managed to steal funds for the country’s weapons program by carrying out profitable cyberattacks.

The reports show that the attacks originated in the country are state-sponsored because the internet access is controlled by Pyongyang. The country’s cyber army targeted governments as well as a private organization all around the world with the proceeds of which being poured into the national defense budget. The industry saw a huge turning point in 2021 and it was during a time that the UN reprots claimed that the hackers stole millions in more than seven attacks to help fund their nuclear program. Cryptocurrency is one of the main sources of the internet-based generation and due to its comprehensive international sanctions, these transactions are fraudulent.

The South Korean exchanges remained the most targeted like Bithumb for example which was attacked four times already and drained out of $60 million. The state-backed hacker group Lazarus was behind the biggest exploits in the past few decades like the attack on Sony in 2014. The WannaCry hack was another stunt by the group which led to a  huge ransomware cyber attack that hit institutions in 2017.

The attack lasted for 7 hours and affected more than 200,000 computers in 150 countries with the main targets being Russia, Ukraine, Taiwan, and India. The group also managed to drain more than $620 million From the Axie Infinity ronin bridge earlier this year. The cyber program of North Korea consists of 7000 employees and operations in 150 countries and it is likely to have conducted many heists. With the fast shift in the crypto space, the hackers adapted to Web3 and are now targeting DEFI as well.

One of the world’s most brutal regimes is the leader in crypto crime but the recent market downturn means that the stash is now becoming lower. The market-wide rout was hit by the malicious entities in the country as well and the declines in the markets could have affected the ability to carry out more heists and hacks in the sector.