North Korean hackers stole $721 million in cryptocurrency from Japan

May 17, 2023

By Anjali Kochhar

According to a study conducted by the U.K. blockchain analysis provider Elliptic, hacker groups associated with North Korea have successfully stolen cryptocurrency assets worth $721 million from Japan since 2017. This information was reported by Nikkei on Monday.

The stolen amount represents approximately 30% of the total global losses incurred from such cryptocurrency thefts.

The report from Elliptic also revealed that North Korea has managed to steal a staggering $2.3 billion in cryptocurrency from various businesses between the years 2017 and 2022.

The study was conducted on behalf of the Japanese newspaper, and it sheds light on the extensive cybercriminal activities conducted by North Korean hackers targeting the cryptocurrency sector.

This news comes in the wake of a statement issued by the Group of Seven (G7) finance ministers and central bank governors on Saturday. In their statement, the G7 expressed their support for implementing measures to combat the growing threat posed by illicit activities carried out by state actors, including the theft of crypto-assets.

The findings underscore the significant financial impact caused by North Korea’s cyberattacks targeting the cryptocurrency industry, with Japan being a major victim. The report by Elliptic serves as a stark reminder of the need for enhanced security measures and international cooperation to mitigate such cyber threats and safeguard the integrity of the global financial system.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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