- North Korean crypto crime rate reached an all-time high in 2022.
- A cybersecurity firm said North Korean criminals moved over $1B worth of crypto.
- Ransomware attackers extorted $456M in 2022 compared to $765M in 2021.
According to a classified United Nations study, North Koreans stole more crypto assets in 2022 than in any previous year. The report noted that Korean criminals targeted foreign aerospace networks, cyber finance, and military industries, using increasingly sophisticated cyber techniques to access information of potential value.
While reporting to the UN Security Council committee, independent sanction monitors quoted two figures of the estimated stolen funds. It said South Korean officials estimated that North Korean-linked hackers stole $630 million of virtual assets in 2022. However, a cybersecurity company stated North Korean cybercrime siphoned cryptocurrencies worth more than $1 billion.
The report read: “The variation in the USD value of cryptocurrency in recent months is likely to have affected these estimates, but both show that 2022 was a record-breaking year for DPRK (North Korea) virtual asset theft.”
Furthermore, the observers alleged that the Reconnaissance General Agency, North Korea’s central intelligence bureau, was responsible for most cyber assaults. It said that such organizations included the hacker groups Kimsuky, Lazarus Group, and Andariel, all known to the cybersecurity sector.
Last month, the market intelligence firm, Chainalysis, reported that crypto criminals earned less from ransomware operations in 2022 as more victims refused to pay. The firm said ransomware attackers could only extort $456 million from victims last year after stealing nearly twice that value in the previous year.
Chainalysis noted a drop in revenue does not imply a decline in ransomware attacks. Instead, according to research from cybersecurity firm Fortinet, the exploit exploded in 2022, with over 10,000 unique ransomware strains in operation in the first half of the year.
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