North Korean Threat Actors Have Stolen at Least $3 Billion in Crypto since 2017, Research Finds

North Korean threat actors have become some of the most prominent cryptocurrency thieves, with an estimated $3 billion worth of cryptocurrency taken so far, according to a report from Insikt Group.

There’s little doubt that North Korea is involved in many of the cryptocurrency thefts of the past five years. According to earlier reports, North Korea stole around $1.7 billion in 2022 alone, which in turn is triple the amount they stole in 2021. The same reports state that most of these stolen assets go toward funding the nuclear program.

“Since 2017, North Korea has greatly expanded its targeting of the cryptocurrency industry, stealing over

an estimated $3 billion worth of cryptocurrency,” said the Insikt Group researchers. “Prior to this, the regime saw previous success in stealing from financial institutions by hijacking the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network.”

North Korean hackers first focused on the South Korean cryptocurrency market, then expanded their reach globally. In fact, the threat actors didn’t limit themselves to classical targets, such as cryptocurrency mixers or fiat conversions.

“Anyone operating in the cryptocurrency industry — individual users, exchange operators, and financiers with a portfolio of startups — should be aware of the potential to be targeted by North Korean threat actors,” explained the researchers. Basically, anyone in the crypto market is a potential target, regardless of their value or worth.

The researchers also found that the number of attacks is clearly on the rise and that the country has developed a money-laundering machine that can move around billions of dollars and other currencies in any form.

As it stands, North Korean threat actors are likely responsible for stealing at least $3 billion worth of cryptocurrency, with up to half of those funds going directly into funding the missile program.