The United States, Japan, and South Korea have issued a coordinated warning on North Korean crypto hackers. These cybercriminals pose a major threat to the global financial system.
North Korean hacking gangs, including the infamous Lazarus Group, have carried out massive crypto heists. They stole billions of digital assets, including the $600M Ronin network attack. In 2024, North Korean hackers stole more than $1.34B in 47 attacks, a 102 percent increase from 2023. Their attacks now account for 61% of the total crypto value stolen worldwide.
The three countries intend to prevent such thefts and retrieve stolen money. They suspect North Korea is using the revenues to fuel its ballistic missile programs. According to recent research, North Korean hackers are refining their methods. They're now focusing on more profitable exploits, with a surge in breaches worth $50M or more.
The joint statement underscores the importance of public-private collaboration in combating these cyber dangers. It follows South Korea's recent sanctions against 15 North Koreans for similar crypto-related activities. As North Korean hackers progress, the crypto sector confronts increasing challenges to its legitimacy and security.
