Blockchain analysis firm Chainalysis revealed that North Korea had stolen $400 million worth of cryptocurrencies during 2021. It did so with at least 7 cyberattacks against cryptocurrency platforms.
"From 2020 to 2021, the number of hacks related to North Korea jumped from four to seven, and the value extracted from these hacks grew by 40%," the report said.
"Once North Korea obtains the funds, they begin a careful laundering process to cover and cash in," the report added.
The UN panel of experts that monitors sanctions against North Korea suspect the funds are being used by North Korea to support its nuclear and missile programmes. North Korea did not respond to media inquiries, but has previously released a statement denying the hacking allegations.
The issue of hackers from North Korea has been around for a long time. Last year the United States (US) indicted three North Korean programmers who worked for the US intelligence services. The hacker managed to steal US$1.3 billion in money and cryptocurrencies over the years.
The hackers are said to be using phishing baits, code exploits, malware and advanced social engineering to siphon off funds.