North Korea Ranks Top in Crypto Crime as per Recent Report

ED Reveals New Figures In Morris Crypto Scam
  • The research implies that all assaults from the DPRK are state-sponsored.
  • DPRK’s hackers targeted one site, particularly Bithumb.

There have been over 15 verified cases of crypto crime nationwide, with a conservative estimate of $1.59 billion in revenues. No one knows how much North Korea contributes to global crypto crime, but the report claims that DPRK’s cyber operation is extensive and well-organized. North Korea ranks at the top as per a report from Coincub.

Some of the most devastating breaches have been driven by North Korean hackers despite their isolation from the rest of the world’s economy. Cyberattacks carried out by North Korean hackers have helped the country’s weapons development by embezzling cash from other countries’ networks.

Multiple Attacks Worth Millions of Dollars

In light of Pyongyang’s dominance over the internet, the research implies that all assaults from the DPRK are state-sponsored. As a result of the country’s cyber army’s attacks on other governments and private businesses, the national defense budget is bolstered.

According to a UN investigation, north Korean hackers allegedly took control and conducted seven separate assaults on similar sites during this period. The country’s primary source of internet-based revenue is a cryptocurrency, yet international sanctions mean that all transactions are illegal. The interactions with South Korea are still the most focused. DPRK’s hackers targeted one site, particularly Bithumb, and attacked it four times. The latter was able to walk away with $60 million once everything was said and done.

The Lazarus Organization, a state-sponsored hacking group, has been responsible for some of the most high-profile breaches in recent years, including the 2014 Sony hack. After the WannaCry ransomware strike in 2017, the gang staged another operation, which resulted in a worldwide cyberattack. Earlier this year, the organization looted the Ronin bridge of Axie Infinity for about $620 million dollars.

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