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North Korean hackers stole more than $1 billion in cryptocurrencies

North Korean hacker group Lazarus is one of the most successful thieves in the world. An analysis of their activities now shows that they are very likely to loot more than $1 billion for the regime this year. That comes from a CryptoMonday Report.

The cryptocurrency platform CryptoMonday has analyzed the recently known cyber attacks associated with the theft of cryptocurrencies. It turned out that the group of North Korean hackers alone will be responsible for the theft of more than $1 billion this year – although the damage could end up being much higher. According to experts, the Lazarus group is commanded by the Reconnaissance General Bureau, which is part of North Korea’s military intelligence.

Lazarus is behind many attacks and blackmail

The group has been known to carry out several attacks for years. The hacking of foreign banks, the WannaCry ransomware attacks, and the attack on Sony Pictures all bear the hallmarks of Lazarus. The theft of more than a billion dollars is the culmination of several attacks. They would have stolen $100 million just by accessing California’s blockchain Harmony. The report also states that these cyber thefts will account for approximately 60 percent of all stolen assets by 2022.

Jonathan Merry, CEO of CryptoMonday, commented on the data: “The Lazarus Group is one of the most active cybercrime syndicates in the world today. The group handles many North Korean government-sponsored hacks on crypto exchanges. The Lazarus Group does not operate alone. So far, Lazarus has hacked a total of $1 billion worth of Bitcoin. Blender.io acts as a partner of the Lazarus Group. It deals with laundering money stolen from the Lazarus Group and other North Korean partners. “

Market fluctuations

However, the crypto market is currently under a bad star so the North Koreans can reconsider. The recent plunge in crypto markets has wiped out many millions of dollars in looted assets from North Korea. This makes it more difficult for the country to profit from the stolen goods. The thefts flow into Pyongyang’s missile program, which is said to have cost about $650 million this year alone. Experts fear that Pyongyang will use other means to fund its missile program if the crypto crisis continues.

Mark Goodman

Digital marketing enthusiast and industry professional in Digital technologies, Technology News, Mobile phones, software, gadgets with vast experience in the tech industry, I have a keen interest in technology, News breaking.

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