North Korea hacked $1.2 billion in crypto and other assets: NPR

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In this photo provided by the North Korean government, North Korean leader Kim Jong Un attends a ruling party congress in Pyongyang on January 12, 2021. North Korean hackers stole around 1.5 trillion won (1 .2 billion) in cryptocurrency and other virtual assets over the past five years, the South Korean spy agency said on Thursday. Korea Central News Agency/Korea News Service via AP, File hide caption

toggle captionKorean Central News Agency/Korea News Service via AP, File

In this photo provided by the North Korean government, North Korean leader Kim Jong Un attends a ruling party congress in Pyongyang on January 12, 2021. North Korean hackers stole around 1.5 trillion won (1 .2 billion) in cryptocurrency and other virtual assets over the past five years, the South Korean spy agency said on Thursday.

Korea Central News Agency/Korea News Service via AP, File

SEOUL, South Korea North Korean hackers have stolen about 1.5 trillion won ($1.2 billion) in cryptocurrency and other virtual assets over the past five years, more than half of that this year alone , the South Korean spy agency announced on Thursday.

Experts and officials say North Korea has turned to crypto hacking and other illicit cyber activities as a source of much-needed foreign currency to prop up its fragile economy and fund its nuclear program in the wake of tough US sanctions. UN and the COVID-19 pandemic.

South Korea’s main spy agency, the National Intelligence Service, said North Korea’s ability to steal digital assets is considered one of the best in the world due to the country’s focus on cybercrime since UN economic sanctions were tightened in 2017 in response to its nuclear and missile tests. .

UN sanctions imposed in 2016-17 ban key North Korean exports such as coal, textiles and seafood and have also led member states to repatriate North Korean workers overseas. Its economy has suffered further setbacks after imposing some of the world’s toughest pandemic restrictions.

The NIS said state-sponsored North Korean hackers have allegedly stolen 1.5 trillion won ($1.2 billion) worth of virtual assets from around the world since 2017, of which around 800 billion won ($626 million dollars) this year alone. He said more than 100 billion won ($78 million) of the total came from South Korea.

He said North Korean hackers are expected to carry out more cyberattacks next year to steal advanced South Korean technologies and confidential information on South Korean foreign policy and national security.

Earlier this month, senior diplomats from the United States, South Korea and Japan agreed to step up efforts to crack down on illegal North Korean cyber activity. In February, a UN panel of experts said North Korea continued to steal hundreds of millions of dollars from financial institutions and cryptocurrency companies and exchanges.

Despite its economic difficulties, North Korea has carried out a record number of missile tests this year in what some experts say is a bid to modernize its arsenal and boost its influence in future negotiations with rivals to secure a sanctions relief and other concessions.

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