Japan, the amount of virtual currency hacked by North Korea is the world’s highest amount equivalent to 98 billion yen = Nikkei

Analyzing cryptocurrency theft

From 2017 to 2022, it was found that Japan illegally acquired crypto assets (virtual currency) equivalent to $ 721 million (98 billion yen) by hacking into North Korea. The Nikkei Shimbun, which conducted a joint analysis with Elliptic, reported on the 15th.

This time, we mainly investigated hacking that steals virtual currency from exchanges. As the total damage amounted to 2.3 billion dollars, it is calculated that Japan accounts for about 30% of the total. Regarding Vietnam and Japan, which were the second most popular, Elliptic believes that “they were targeted because there were many exchanges with weak security.”

connection: Financial Services Agency and others warn of the possibility of virtual currency cyber attacks from North Korean hackers

The breakdown of damages published by Nikkei Shimbun is as follows.

• Japan: $721 million
• Vietnam: $540 million
• United States: $497 million
• Hong Kong: $281 million
• South Korea: $158 million
• Slovenia: $0.8 billion

This time, Elliptic categorized businesses whose cryptocurrencies leaked into wallets used by the hacking group Lazarus, which is believed to be supported by the North Korean government, by base. The Nikkei Shimbun reported that this is the first time that the damage caused by North Korea’s cyberattacks has been clarified by country or region.

Although the exact details of the affected exchanges are not listed, an official said, “There is a suspicion that North Korea was responsible for at least the three cryptocurrency exchanges that were leaked in Japan between 2018 and 2021.” Reportedly. One of them is said to be Zaif, which saw an outflow worth 7 billion yen in 2018.

connection: Cryptocurrency exchange Zaif was hacked with 3 currencies including bitcoin, worth a total of 6.7 billion yen

Countermeasures against North Korea

There have been numerous reports of North Korean attacks targeting cryptocurrencies, including by a panel of experts at the United Nations Security Council. It has been pointed out that North Korea is using the stolen virtual currency to develop weapons of mass destruction and ballistic missiles.

Last month, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned three individuals for helping North Korea raise funds, including by sending illegally obtained cryptocurrencies.

“North Korea is using illicit networks to access the international financial system and generate revenue in cryptocurrency, as well as its illegal weapons of mass destruction and ballistic missile programs,” said the undersecretary of finance for terrorism and financial intelligence. This is a threat to international security,” he said.

connection: US Treasury Department sanctions three people who supported North Korea with virtual currency earnings

This view is shared not only by the United States but also by countries such as Japan. The joint statement of the G7 Finance Ministers and Central Bank Governors Meeting held until the 13th of last week mentioned North Korea by name as follows.

Regarding virtual currency, although not limited to North Korea, financial activity work to take measures against “unauthorized activities by state actors, including exploitation for proliferation finance, ransomware attacks, sanctions evasion, etc.” It also stated that it supports the task force (FATF).

connection: G7 to request FATF to consider regulation of interpersonal transactions of virtual currency = Nikkei

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