Analysts believe that hackers from North Korea are behind a recent cryptocurrency heist that topped $100 million, and some of that money could reportedly go to the nation’s nuclear and ballistic weapons programs.
The heist occurred earlier this month and affected 5,500 crypto wallets with the Estonia-based cryptocurrency exchange Atomic Wallet, according to crypto analysis firm Elliptical. On June 3, Atomic Wallet confirmed it had “received reports” of compromised wallets.
“Elliptic has attributed this incident to North Korea’s Lazarus Group, which is believed to have stolen over $2 billion in cryptoassets across multiple thefts,” Elliptic said. “This would mark the first major crypto theft publicly attributed to Lazarus Group since the $100 million exploit of Horizon Bridge in June 2022.”
The threat actor Lazarus Group reportedly primarily targets South Korean entities for espionage purposes but has also targeted cryptocurrency exchanges, with a total of an estimated $2 billion in stolen crypto assets. It’s believed the group was also behind the 2014 Sony hack in response to the release of the movie “The Interview,” a comedy in which characters played by Seth Rogen and James Franco go to North Korea to interview Kim Jong Un.
The Estonian National Criminal Police, where Atomic Wallet is located, told Reuters that authorities have been investigating the theft for the past week but said: “at the moment we cannot comment on the origins of the attacks.”
The U.S. Department of Justice refers to Lazarus as a North Korean government-sponsored hacking team. According to the Elliptic analysis, the group has stolen more than $2 billion across multiple crypto heists. The group’s last major theft involved Horizon Bridge, where it allegedly stole $100 million of virtual funds a year ago, according to the FBI.
The United Nations released a report in February that showed North Korea had a record-breaking year for stealing crypto assets in 2022, where hackers reportedly stole upwards of $630 million. According to Reuters, international monitors believe these funds are often used to fund the country’s nuclear and ballistic weapons efforts.
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“(North Korea) used increasingly sophisticated cyber techniques both to gain access to digital networks involved in cyber finance, and to steal information of potential value, including to its weapons programmes,” sanctions monitors told the United Nations Security Council.
Last month, a White House official said that roughly half of North Korea’s missile program is funded through cyberattacks and crypto heists, CNN reported.