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US, Japan, and South Korea Warn the Crypto Industry About Rising North Korean Threats
A joint statement issued by the governments of the United States, Japan, and South Korea has sounded the alarm on the growing cybercrime threats emanating from North Korea. The warning comes in response to a significant surge in cryptocurrency-related hacks and thefts attributed to the Democratic People’s Republic of Korea (DPRK).
The statement emphasized that both public and private sectors must work together to proactively disrupt malicious actors’ operations, protect private business interests, and safeguard the international financial system.
Recent statistics have revealed an alarming trend. In 2024, hackers from North Korea stole a staggering $1.34 billion from cryptocurrency platforms. This represents a significant increase from previous years, with $660 million being stolen in the first year alone. The report suggests that this substantial growth may be attributed to the DPRK’s improved capabilities and speed in carrying out massive exploits.
The statement highlights several prominent attacks, including those on Japanese crypto exchange DMM Bitcoin ($308 million), South Korean exchange Upbit ($50 million), Bahrain-based Rain Management ($16.13 million), WazirX ($235 million), Radiant Capital ($50 million), and others. The combined total of these hacks amounts to nearly $660 million.
Industry experts attribute the rising threat to North Korea’s increasing involvement in cryptocurrency thefts, as they have been able to bypass sanctions by infiltrating businesses through the hiring of IT workers from the country.
The three governments urge immediate action to protect their respective economies and international financial systems.
Source: bitcoinist.com
