- May 18, 2023
- Posted by: [email protected]
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According to a study commissioned by the Japanese financial journal Nikkei and conducted by blockchain analyst Elliptic, Asian countries have contributed more than 60% of the losses incurred by North Korean hackers and ransomware users due to insufficient security. The analysis looked at cryptocurrency losses from North Korean cyberattacks between 2017 and 2022, including both hacking and ransomware attempts. Japan has suffered the greatest loss of cryptocurrencies to North Korean hackers, with losses of $721 million, accounting for 30% of the world’s total losses of more than $2.3 billion. Vietnam, the United States, and Hong Kong all sustained considerable losses, amounting to $540 million, $497 million, and $281 million, respectively.
Elliptic pointed out that the lack of security in the Japanese and Vietnamese cryptocurrency marketplaces was the reason for the hackers’ targeting. According to the research, at least three Japanese cryptocurrency exchanges were hacked between 2018 and 2021. North Korea’s Lazarus Group, responsible for some of the most significant crypto heists, such as the Ronin Bridge exploit and the Harmony Bridge hack, has also been accused of stealing NTFs and laundering their stolen funds through decentralized finance services and crypto mixers.
The United Nations reported that North Korean crypto theft reached a record level in 2022. Nikkei highlighted that the $721 million stolen from Japan is 8.8 times greater than the value of North Korea’s exports in 2021, according to the Japan External Trade Organization. The investigation stated that these attacks are part of a “national strategy” and that impacted countries should take them seriously.
The Elliptic research emphasizes the importance of stronger security measures in the cryptocurrency market, especially in vulnerable regions. The findings highlight the importance of being vigilant and prepared to combat the growing threat of cyberattacks in the cryptocurrency space.
