Japan has emerged as the biggest victim of cryptocurrency theft by North Korean hackers, with total losses amounting to a staggering $721 million, according to a study by blockchain analyst Elliptic. This accounts for 30% of the world total of over $2.3 billion, a significant share that highlights Japan’s vulnerability to such cyberattacks. Asian countries make up three of the four top targets for the notorious Hermit Kingdom hackers.
The study, commissioned and reported on by Japanese financial publication Nikkei, analyzed losses of cryptocurrency from cyberattacks originating in North Korea from 2017 through 2022. The examination considered both hacking and ransomware attacks and characterized them as part of a “national strategy.” In comparison, the United Nations notes that North Korean crypto theft reached a new high in 2022.
With losses of $721 million, Japan’s stolen cryptocurrency amount is 8.8 times greater than the value of North Korea’s exports in 2021. On the other hand, Vietnam ranks as the second-most-attacked country, losing $540 million during the same timespan. Trailing behind, the United States endured $497 million in losses, while Hong Kong suffered $281 million in damages.
Elliptic attributes the hackers’ targeting of Japanese and Vietnamese cryptocurrency markets to the lax security systems present in these countries. Intriguingly, Nikkei cites unnamed sources claiming that at least three Japanese crypto exchanges had been compromised between 2018 and 2021. These attacks demonstrate the growing issue of cryptocurrency theft and the need for increased security measures to protect users and businesses alike.
North Korea’s Lazarus Group has been implicated in some of the biggest heists in the world of cryptocurrency. Notable exploits include the Ronin Bridge and Harmony Bridge hacks. Furthermore, the group has also been accused of stealing nonfungible tokens (NFTs) and laundering their illicit funds through decentralized finance services and cryptocurrency mixers.
The findings highlight the importance of implementing robust security measures in both the East and the West, as increasing digitalization of currencies opens up new avenues for cybercrime. As a crypto enthusiast, it is essential to be aware of these dangers and take necessary precautions to safeguard one’s investments. The growing cryptocurrency market must work to ensure better international cooperation to combat such threats and develop stricter security protocols to minimize future risks.
In essence, the unfortunate reality of North Korean hackers targeting Asia’s cryptocurrency markets further underscores the necessity for the global community to come together in the fight against cybercrime. As more people and businesses delve into cryptocurrency, it is crucial to maintain a sense of skepticism and heightened security awareness to minimize the potential dangers lurking in the digital world.
Source: Cointelegraph
