North Korean hackers responsible for $721 million worth of crypto theft from Japan

The amount is equal to 30% of the total of such losses globally,

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A study by UK-based blockchain analysis provider Elliptic determined that North Korea-linked hacker groups have stolen $721 million worth of cryptocurrency assets from Japan since 2017.

The report’s release follows a statement by the G7 finance ministers and central bank governors on Saturday supporting initiatives countering the increase of cryptocurrency asset theft.

Around 30% of global cryptocurrency losses are attributed to hackers linked to the Democratic People’s Republic of Korea (DPRK). The infamous Lazarus Group, best known for the Harmony blockchain hack, is responsible for the theft of over $100 million in cryptocurrency.

The stolen cryptocurrency constitutes a significant proportion of North Korea’s economy, especially considering that the country’s total exports in 2021 amounted to merely $271 million. Experts suggest that the North Korean government utilizes the accumulated profits to fund its nuclear weapons programs.