Hacker groups linked to North Korea have reportedly pilfered $721 million worth of cryptocurrency assets from Japan since 2017, according to a study conducted by Elliptic, a UK blockchain analysis provider, as reported by the Nikkei business daily. The amount stolen accounts for approximately 30% of the total losses in cryptocurrency globally.
Furthermore, this revelation comes in the wake of a statement by the Group of Seven (G7) finance ministers and central bank governors expressing their support for measures aimed at countering the escalating threats posed by illicit activities orchestrated by state actors, including the theft of crypto-assets.
The study conducted by Elliptic on behalf of the Japanese newspaper indicates that North Korea has successfully plundered a staggering $2.3 billion in cryptocurrency from businesses between 2017 and 2022.
The $721 million stolen from Japan alone paints a grim picture of the country’s vulnerability to cyberattacks orchestrated by North Korean hackers. The report highlights the significant financial impact and the growing prominence of state-affiliated hacker groups in the realm of cybercrime.
The G7’s recent statement reflects the global concern regarding the increasing sophistication and scale of cyber threats posed by state actors. The support for countermeasures against illicit activities, including the theft of crypto-assets, indicates a growing consensus among major economies to address the rising threat landscape.
This recognition underscores the need for enhanced cybersecurity measures, regulatory frameworks, and international cooperation to protect individuals and businesses from cyberattacks and safeguard the integrity of the cryptocurrency ecosystem.
The Elliptic study sheds light on the alarming extent of cryptocurrency theft orchestrated by North Korean hacker groups. With substantial amounts of funds being siphoned off from businesses and nations, combating cybercrime has become a pressing issue for governments and organizations worldwide, necessitating concerted efforts to fortify cybersecurity defenses and enact stringent measures to prevent future attacks.
