The Ministry of Foreign Affairs of South Korea has imposed sanctions on North Korean hackers for stealing over $1 billion in cryptocurrency.
Insights On Hackers
The accused 15 hackers are associated with Bureau 313, a subordinate organization of the Workers’ Party of Korea’s Machine-Building Industry Department. Bureau 313 sends IT personnel overseas to earn foreign currency to fund weapon development. One of the sanctioned individuals, Kim Cheol-min, earned substantial funds working secretly for US and Canada-based companies and later transferred the funds to Pyongyang’s nuclear weapons program.
Crypto Theft Statistics in 2024
According to Chainalysis, North Korean hackers accounted for 61% of total crypto thefts in 2024. They conducted 47 crypto hacks, equivalent to 20% of total incidents in 2024. However, their activities decreased after the summit between Russia and North Korea in June 2024.
Major Crypto Thefts
DPRK hackers were involved in several major crypto hacks:
1. DMM Bitcoin Hack: Hackers stole over 4500 Bitcoin from Japanese exchange DMM Bitcoin.
2. Atomic Wallet Hack: In 2023, a $100 million crypto theft occurred due to a security breach.
3. WazirX Hack: In 2024, the Lazarus group stole $235 million from the Indian platform WazirX.
South Korea is taking action against North Korean cybercrimes as stolen cryptocurrencies fund weapon programs, posing a potential threat to global security.
