North Korean Hackers Steal Over $1 Billion in Virtual Assets: What You Need to Know

04/07/2023 14:09 • Tech Trends • 85 views

On April 7th, according to a 2022 annual report by the US National Security Council, North Korean hackers have stolen virtual assets ranging from $630 million to over $1 billion, which is twice the amount stolen in 2021. The group stated in the report that “North Korea utilizes increasingly complex network technologies to enter digital networks involving online finance and steal potentially valuable information, including its weapons programs

Report: So far, North Korean hackers have stolen up to $1 billion in cryptocurrency

Introduction

On April 7th, 2022, the US National Security Council (NSC) released an annual report that revealed North Korean hackers had stolen virtual assets worth over $1 billion, which is twice the amount stolen in 2021. According to the report, North Korea uses increasingly complex network technologies to enter digital networks involving online finance and steal potentially valuable information, including its weapons programs. In this article, we will delve in deeper on this situation and explain what you need to know.

The Details of the Hack

According to the NSC report, North Korean hackers have been targeting virtual assets since 2019 when they stole approximately $280 million. Since then, the group’s activities have intensified, and they have become more sophisticated in their attacks.
The group targets financial institutions, cryptocurrency exchanges, and individuals with significant virtual asset holdings. They use a combination of phishing emails, malware, and social engineering tactics to gain access to their targets’ systems and steal their virtual assets.
The scale of these attacks is staggering, with North Korean hackers stealing over $1 billion in virtual assets in 2022 alone. This amount is twice the amount they stole in 2021, which was estimated at $500 million.

Why Is North Korea Doing This?

North Korea is known to use these stolen virtual assets to fund its weapons programs, which are subject to sanctions by the international community. The country has been subjected to multiple sanctions by the United Nations, the United States, and other countries to curb its nuclear and missile programs.
As a result, North Korea has turned to cryptojacking and stealing virtual assets to finance its operations, as these types of funds are difficult to track and trace.

The Impact on You

If you hold virtual assets, you should be vigilant about any suspicious activity in your accounts. You should keep your virtual assets on trustworthy platforms that have robust security features, such as two-factor authentication and cold storage.
It is also essential to remain informed about the latest cybersecurity threats and scams. North Korean hackers are not the only group that targets virtual assets, and there are numerous other threats out there, so be vigilant.
Finally, it is important to remember that virtual assets are not regulated like traditional assets, making them more vulnerable to theft and fraud. Therefore, investing in virtual assets involves significant risks and uncertainties, and you should be aware of the potential losses.

Conclusion

North Korean hackers have stolen over $1 billion in virtual assets, which is twice the amount stolen in 2021, according to the US National Security Council annual report. The group’s activities have become increasingly sophisticated, and they target financial institutions, cryptocurrency exchanges, and individuals with significant virtual asset holdings.
As a virtual asset holder, you should be vigilant and keep your virtual assets on trustworthy platforms with robust security features. Stay informed of the latest cybersecurity threats and scams, and remember that investing in virtual assets involves significant risks and uncertainties.

FAQs

1. How can I protect my virtual assets from hackers?
You can protect your virtual assets by keeping them on trustworthy platforms that have robust security features, such as two-factor authentication and cold storage.
2. Are virtual assets regulated?
Virtual assets are not regulated like traditional assets, making them more vulnerable to theft and fraud.
3. What are the risks of investing in virtual assets?
Investing in virtual assets involves significant risks and uncertainties, and you should be aware of the potential losses.

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