Hackers from North Korea have stolen $721 million from Japan, the crypto hub of Asia, totalling 30% of all crypto thefts globally.
Since 2017, North Korean hackers have looted $721 million from Japan, making up 30% of all cryptocurrency thefts worldwide. North Korea uses hacking and ransomware to steal cryptocurrency assets, particularly in Japan, Vietnam, and Hong Kong, the major Asian crypto hubs, according to a report by a U.K.-based compliance specialist.
North Korean hackers are keeping an eye on Japan’s Crypto Lazarus Group, whose blockchain wallet transactions have been monitored by research firm Elliptic. Japan was the country that lost the most cryptocurrency ($2.3 billion), followed by Vietnam ($540 million), the United States ($497 million), and Hong Kong ($281 million).
For 2022, Elliptic calculated that the stolen cryptocurrency would total $640 million. According to a report published on April 5 by a panel of experts from the U.N. Security Council, crypto theft has doubled since 2021.
According to reports, North Korea stole twice as much cryptocurrency in 2022—between $600 million and $1 billion.
Top officials noted the “growing threat from illicit activities by state actors” like the crypto theft in the joint statement adopted by the Group of Seven finance ministers and central bank governors in Japan. To find its missile programs, Pyongyang has targeted the cryptocurrency holdings of other nations, including Vietnam and Hong Kong.
Japan’s Crypto Market Outlook
Japan has been at the centre of the cryptocurrency revolution due to its beneficial regulatory environment and strong backing from both the government and the financial sector. Japan has been at the forefront of the cryptocurrency revolution.
According to research, 4.0% of Japan’s entire population, or more than 5 million people, presently own cryptocurrency. The Japanese government is actively regulating the cryptocurrency market.
Measures are put in place by the Financial Services Agency (FSA) to safeguard investors and stop money laundering and other illegal activity. It shut down FTX Japan, a cryptocurrency exchange, last year.