North Korea raised 1.5 trillion won by hacking crypto and other assets

  • North Korea has the best hackers in the world.
  • North Korean hackers stole 1.5 trillion won

According to the South Korean spy agency, North Korean hackers allegedly stole huge amounts of cryptocurrencies over the past five years on Thursday.

According to present data over the past five years, North Korean hackers have stolen 1.5 trillion won (US$1.2 billion) in cryptocurrencies including several cryptocurrencies.

Analysts and officials believed that North Korea’s hackers carried out the hacks because their economy was badly affected and foreign currency was needed to prop up its fragile economy and fund its nuclear program following tough US sanctions. UN and the COVID-19 pandemic.

South Korea’s main spy agency, the National Intelligence Service, said Norea Korea has one of the best hackers globally, as the country has focused on cybercrime since UN economic sanctions were imposed. been reinforced in response to its nuclear and missile tests.

An earlier US sanction imposed in 2016-2017 restricted North Korea’s main export products such as coal, textiles and seafood and also led state members to repatriate North Korean workers from overseas. sea.

Lazarus Group, a North Korean hacker group, has been accused of stealing cryptocurrency exchange KuCoin, which was called the biggest cryptocurrency theft of the last year at 275 millions of dollars in virtual currency.

North Korea’s investment in offensive cybersecurity is paying off for Kim Jong’s dictatorship, the UN with a mix of more sophisticated digital attacks and massive cryptocurrency thefts while costing victims their privacy and, in some cases, their fortune in crypto.

The total amount collected by the hackers is around $1.2 billion and half of the amount is believed to be collected in the current fiscal year 2022.

It is a bitter truth that North Korea is suffering from a financial crisis, but it is also a truth that North Korea conducted a record number of missile tests in 2022.

Why is North Korea facing a financial crisis?

Making North Korea the 177th freest place in the 2022 index and Asia-Pacific regions North Korea is ranked 39th among 39 countries.

According to the data, the North Korean economy shrinks by 8.0% in 2020 and in 2021, the structure of the economy collapses by 5.0%, and the Korean economy is believed to contract continuously.

Several economic experts believe that the North Korean economy is in great difficulty due to the mismanagement of natural and available resources.

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