Canada Crypto – About $1.7 billion in cryptocurrency was stolen by North Korean hackers in 2022.

Canada Crypto – Blockchain analysis company Chainalysis claims that in 2022, hackers with North Korean support stole $1.7 billion in cryptocurrencies.

According to research released this month by the New York-based data company Chainalysis, North Korean hackers stole around $1.7 billion worth of cryptocurrencies through assaults on digital currency exchanges last year, according to a piece in The Economist.

The news source claimed that despite being unable to feed its people, North Korea has found innovative methods to fund its missile programme, including forging foreign money, committing insurance fraud, and manufacturing and selling weapons and illicit substances. Canada Crypto Theft of cryptocurrencies is a more inventive way to get money.

Analysts assert that Pyongyang has improved its cyber capabilities with an army of thousands of skilled hackers who extract money to support the state’s weapons programmes, despite Pyongyang being subject to numerous international sanctions because of its development of nuclear weapons and ballistic missiles.

About $1.7 billion in cryptocurrency was stolen by North Korean hackers in 2022.
About $1.7 billion in cryptocurrency was stolen by North Korean hackers in 2022.

North Korea has conducted six nuclear tests, according to the BBC, and analysts anticipate the seventh one this year as the nation’s nuclear weapons programme is accelerated under leader Kim Jong-un. Pyongyang fired an unprecedented number of ballistic and other missiles last year. This is true despite the nation’s weak economy.

According to a presently secret United Nations report, North Korea stole more bitcoin assets in 2022 than in any other year by targeting the networks of international aerospace and defence companies.

Independent sanctions monitors revealed to a UN Security Council committee that “(North Korea) employed more sophisticated cyber tactics both to acquire access to digital networks involved in cyber financing and to steal information of potential value, particularly on its weapons programmes.”

North Korea has been charged by the monitors with employing cyberattacks to support the funding of its nuclear and missile programmes.

The monitors, citing data from U.N. member states and cybersecurity firms, stated in their report, which was given to the 15-member council’s North Korea sanctions committee on Friday, “A bigger worth of cryptocurrency assets was taken by DPRK agents in 2022 than in any prior year.”

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