North Korean Hackers Drained Japan’s Crypto Reserve: $721M Gone

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Recently, Japan has become a target of North Korean cyber attackers who are aiming to exploit the Japanese cryptocurrency market for their own gain.

According to a recent study conducted by Elliptic, a leading blockchain analysis provider based in the UK, hacker groups linked to North Korea have successfully pilfered a staggering $721 million worth of cryptocurrency assets from Japan since 2017.  

In a concerning revelation, it has been reported by the Nikkei business daily that a staggering amount of $721 million, which accounts for approximately 30% of the global losses, has been lost in the cyber threat faced by Japan.  

Through its cutting-edge technology, Elliptic has conducted an analysis on behalf of Nikkei to monitor and detect money transfers on the blockchain. Elliptic has identified businesses in different regions whose virtual currency ended up in electronic wallets associated with the Lazarus Group, a notorious group from North Korea. 

In response to mounting concerns over illicit activities carried out by state actors, including the theft of crypto-assets, the Group of Seven finance ministers and central bank government issued a statement on Saturday expressing their endorsement for measuring aimed at countering these emerging threats.

As per Elliptic’s report, between 2017 and the end of 2022, North Korea successfully pilfered a staggering $2.3 billion worth of cryptocurrency from various businesses. Japan emerged as the most affected country closely followed by Vietnam ($540 million), the US ($497 million), and Hong Kong ($281 million).