- CoinCub reported that North Korea has set a world record in the crypto hack scene.
- North Korea’s crypto business is state-sponsored according to the report.
- Earlier this year, the North Korean hacker group called Lazarus, attacked the Ronin Bridge and Sony (NYSE:SONY).
CoinCub, a cryptocurrency exchange aggregator, reported that North Korea has set a world record in the crypto hack scene. North Korea has stolen an estimate of $1.59 billion from the crypto crime that took place between 2017-2022. It is also said that North Korea has over 15 documented cases of crypto crime.
North Korea is currently leading the world in crypto crimes. Notably, the Democratic People’s Republic of Korea (DPRK) is a cyber program, large and well-organized, with over 7,000 employees and operations around the world that has raised funds through a series of cyberattacks.
Although cryptocurrency dealings are restricted in North Korea due to strict international regulations, this does not stop North Korea from conducting more cyber attacks and holding one of the world’s best hackers.
Twitter (NYSE:TWTR) user @WuBlockchain shared a post about the North Korean crypto crime:
North Korea leads the world in crypto crime according to a new report from Coincub. North Korea has over 15 documented instances of crypto crime, with proceeds conservatively estimated at $1.59 billion.https://t.co/qClRrOIQbc— Wu Blockchain (@WuBlockchain) June 29, 2022
In the report by CoinCub, North Korea’s crypto business is state-sponsored, as internet access is controlled by Pyongyang, the capital of North Korea.
A UN report shows that North Korean hackers launched seven attacks and profited more than $50 million between 2020 and 2021. Additionally, the stolen cryptocurrency helps to fund the nuclear testing program.
One of these seven attacks was the Ronin Bridge attack, which siphoned $625 million US dollars from the platform. According to u.today, the hacker group, Lazarus, a North Korean hacker group, was identified to be behind the hack by the US Department of Treasury.
Not only did the Lazarus group hack Axie Infinity, but the criminal also preyed on Sony. Additionally, Lazarus is the developer of the WannaCry ransomware, which affected about 230,00 computers all around the world an estimate of $4 billion in damages.