North Korean hackers suspected of stealing $100M in crypto to fund nuclear program.

North Korean Hackers Steal Over $100 Million in Cryptocurrency Heist

Reports suggest that North Korean hackers are behind a recent cryptocurrency heist that has resulted in the theft of over $100 million. The Estonia-based cryptocurrency exchange Atomic Wallet was targeted, with 5,500 crypto wallets affected. Analysts believe that some of the stolen money could be used to fund the nation’s nuclear and ballistic weapons programs.

“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 Lazarus Group is known for targeting South Korean entities for espionage purposes, but has also targeted cryptocurrency exchanges, with an estimated $2 billion in stolen crypto assets. The group was also behind the 2014 Sony hack in response to the release of the movie “The Interview.”

Investigation Underway

The Estonian National Criminal Police, where Atomic Wallet is located, is investigating the theft. 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.

Record-Breaking Year for North Korean Crypto Theft

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. International monitors believe these funds are often used to fund the country’s nuclear and ballistic weapons efforts.

Last month, a White House official said that roughly half of North Korea’s missile program is funded through cyberattacks and crypto heists.