North Korean hackers have stolen a record-breaking $2 billion in cryptocurrency this year, accounting for approximately 13 percent of the country’s total GDP. The Lazarus Group, Pyongyang’s state-sanctioned hackers, have for years targeted major crypto firms for high-profile heists, stealing millions in untraceable digital tokens. However, the group has expanded its focus this year and is increasingly targeting high-net-worth individuals, who have fewer security measures in place and are less likely to report losses. “The weak point in cryptocurrency is now human, not technological,” said cybersecurity firm Elliptic, pointing to an increase in phishing, fake job offers, and compromised social media accounts being used to gain access to users’ wallets and private keys. Elliptic says they have worked with victims this year who have been robbed of tens of millions of dollars worth of crypto, with one individual reporting a $100 million loss. “Other thefts are likely unreported and remain unknown as attributing cyber thefts to North Korea is not an exact science,” said Elliptic founder Dr Tom Robinson, who said the actual total could be even higher. In March, hackers swiped $1.4 billion from crypto exchange ByBit in what is believed to be the largest cryptocurrency heist in history.
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