Japan Loses 30% Of Total Crypto Hacks In North Korea, Elliptic Reports
16 Mai 2023 - 5:40PM
NEWSBTC
Japan has emerged with the highest losses worldwide from North
Korean cyberattacks targeting crypto exchanges, as recent reports
indicate that Japan’s financial institutions and individuals
incurred approximately 30% of the total losses attributed to North
Korean crypto hacking. The Japanese government has been
particularly vocal about the need for enhanced cybersecurity
measures to combat these malicious activities. But despite ongoing
efforts to bolster their defenses, Japanese exchanges have been a
primary target, suffering substantial financial losses and
tarnishing the country’s reputation as a secure hub for digital
assets. Japan’s 30% Crypto Losses The Elliptic report from a
leading blockchain analytics firm, Nikkei, reveals that Japan
suffered a staggering $721 million in losses, accounting for about
30% of the total amount hacked globally. The numbers were
culled from hacks that occurred between 2017 and 2022, reaching a
total amount of $2.3 billion. Notably, in 2022 alone, the digital
asset ecosystem lost an estimated $640 million worth of
cryptocurrency. A Reuters report from the United Nations revealed
that digital currency theft exploits in North Korea hit a new high
in 2022. The report also showed that the second most-attacked
nation was Vietnam, losing approximately $540 million within the
same period. Related Reading: Ledger Scam: Scammers Mail Hacked
Ledger Devices To Steal Crypto The United States was the third
nation on the list, and Hong Kong came out in fourth place, with
$497 million and $281 million losses, respectively. Meanwhile, the
Elliptic findings shed light on the vulnerability of the Japanese
cryptocurrency market, including that of the Vietnamese. It noted
that both markets have lax security measures, making it an
attractive target for hackers seeking to exploit weaknesses and
gain illicit access to digital assets. The significant losses
incurred by Japan reflect the growing threat posed by North Korean
hacking groups, which have increasingly targeted cryptocurrency
exchanges and platforms worldwide. Notable Exploits From North
Korea’s Lazarus Group The Lazarus Group is believed to act on
behalf of the North Korean regime to bypass international sanctions
and fund illicit activities. This group has orchestrated some of
the most significant exploits in the cryptocurrency world, with the
Ronin Bridge exploit and the Harmony Bridge hack among their
audacious heists. Related Reading: DOJ Crypto Task Force Goes After
DeFi Hackers As Illicit Activity Soars Meanwhile, North Korean
hackers have also been engaging in the theft of Non-fungible tokens
(NFTs). But their criminal activities didn’t stop there. They
demonstrated a remarkably sophisticated strategy for laundering
their ill-gotten gains. They employed decentralized crypto mixers
and finance services to launder the origins of the stolen funds,
making it incredibly challenging to trace their illicit activities.
This method allowed them to convert the stolen cryptocurrency into
untraceable forms, further complicating any attempts to recover the
stolen assets. Featured image from Pixabay and chart from
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