North Korea stole $659M in crypto last year: US government
What's the story
The United States, South Korea, and Japan have jointly accused North Korean state-backed hackers of stealing over $659 million in cryptocurrency last year.
The announcement also warns that threat groups linked to the Democratic People's Republic of Korea (DPRK) are still actively targeting blockchain technology industry companies.
"As recently as September 2024, the United States government observed aggressive targeting of the cryptocurrency industry by the DPRK with well-disguised social engineering attacks," said the joint statement.
Global impact
North Korea's cyber program threatens international financial system
The joint statement also highlighted that the DPRK's cyber program represents a major threat to the integrity and stability of the international financial system.
The three nations officially attributed the July 2024 breach of WazirX, India's largest Bitcoin exchange, which led to a $235 million loss, to North Korean attackers.
This was the first time North Korea and its government-backed hacker community Lazarus Group were officially held accountable for the hack.
Crypto thefts
North Korea linked to multiple cryptocurrency heists
North Korea was also connected to a number of other cryptocurrency heists revealed last year, including DMM Bitcoin ($308 million), Upbit ($50 million), Rain Management ($16.13 million), and Radiant Capital ($50 million).
However, blockchain analysis firm Chainalysis painted a grimmer picture in a December report, stating North Korean hackers stole $1.34 billion worth of cryptocurrency in 47 cyberattacks last year, surpassing their own record of $1.1 billion from 2022.
Cyber infiltration
North Korean 'IT warriors' infiltrate global companies
The US, South Korea, and Japan have warned that North Koreans are deceiving private companies into hiring them as remote IT workers.
These so-called "IT warriors" impersonate US-based IT staff and connect to enterprise networks through US-based laptop farms.
The FBI has long warned that North Korea keeps a large army of IT workers trained to hide their true identities to get hired at hundreds of US and global companies.
Reward announcement
US offers reward for information on North Korean front companies
The US State Department now offers up to $5 million for information that could help disrupt the activities of North Korean front companies Yanbian Silverstar and Volasys Silverstar (and their employees).
Over the last six years, these companies have generated over $88 million in illegal remote IT work schemes.
"The United States, Japan, and the Republic of Korea advise private sector entities to thoroughly review these advisories and announcements," said the joint statement.