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## North Korean Hackers Steal $3 Billion in Cryptocurrency Since 2017

According to a recent report by United States cybersecurity firm Recorded Future, North Korean hackers have managed to steal approximately $3 billion in cryptocurrency since the year 2017. The staggering amount represents a substantial increase in their criminal activities, with over half of the total stolen sum occurring within the past year alone.

### Scale of Cryptocurrency Theft

Recorded Future’s report indicated that the stolen cryptocurrency accounts for roughly half of North Korea’s entire military expenditure for the year. The firm accused North Korean threat actors of pilfering an estimated $1.7 billion worth of cryptocurrency in 2022, equivalent to about 5% of the country’s economy or a significant 45% of its military budget.

This unprecedented level of theft far surpasses the nation’s total annual income from exports, exceeding the value of North Korea’s exports in 2021, which amounted to $182 million.

### Expansion of Cybercriminal Operations

The report also highlighted North Korea’s increased focus on the cryptocurrency industry, as the country has shifted its targeting from traditional finance to the digital financial technology sector. Initially, North Korean hackers directed their efforts towards the South Korean cryptocurrency market before broadening their scope to a global scale.

The government’s support for these illegal activities has propelled a significant expansion in the scale of the illicit operation. This state backing has enabled North Korean threat actors to scale their operations beyond the capacity of traditional cybercriminals.

### Sanctions and Sophistication of Cyber Attacks

In response to these cyber attacks, the U.S. Treasury’s Office of Foreign Assets Control imposed sanctions on the crypto mixer Sinbad, alleging that the platform facilitated funds laundered for the North Korea-based Lazarus Group. Additionally, a UN report revealed that cyber attacks in 2022 were more sophisticated than in previous years, making it increasingly challenging to trace stolen funds.

Blockchain analytics firm Chainalysis labeled the North Korean-linked cybercriminal syndicates as the most “prolific cryptocurrency hackers over the last few years.” The firm also noted that these hackers were moving funds through crypto mixers at a much higher rate compared to other criminal groups, further complicating efforts to track and recover stolen cryptocurrency.

## How AI legalese decoder Can Help

AI legalese decoder can play a crucial role in addressing the legal aspects of cryptocurrency theft by North Korean hackers. It can help in analyzing and decoding the complex legal jargon and regulations associated with international sanctions and tracing illicit financial activities. Additionally, AI legalese decoder can provide insights and interpretations of UN reports and sanctions, offering a comprehensive understanding of the legal implications surrounding the cryptocurrency theft.

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