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North Korean Hackers Accused of Stealing $1.2 Billion in Crypto Funds

Thu, 12/22/2022 - 20:37
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Alex Dovbnya
Crypto-related criminal activities are being used as a highly profitable yet risk-free method for North Korea to gin up more cash
North Korean Hackers Accused of Stealing $1.2 Billion in Crypto Funds
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Over the last five years, North Korean cybercriminals have reportedly stolen an impressive 1.5 trillion won (around $1.2 billion) worth of crypto, according to a report by the Associated Press. 

This year alone, North Korean hackers managed to steal 800 billion won ($625 million), which is roughly half of the entire sum. It has been estimated that 100 billion ($78 million) had been stolen from South Korean entities over the aforementioned period of time. 

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It has been suggested that North Korea is using cybercrime to gain a much-needed source of funding for its fragile economy and nuclear program. 

The authoritarian state has suffered from a double whammy of harsh U.N. sanctions and pandemic-related difficulties. 

In April, the U.S. government linked North Korean hackers to the theft of $620 million worth of cryptocurrency from the video game Axie Infinity, which is believed to be one of the largest crypto heists ever recorded. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at