Hackers linked to North Korea stole $1.7b in 2022

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Blockchain analysis firm Chainalysis says North Korea-backed hackers could steal $1.7bn (£1.4bn) worth of cryptocurrency in 2022.

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This nearly quadruples the country's previous record for cryptocurrency theft - $429m in 2021.

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The loot also made up 44% of the $3.8bn stolen in crypto hacks last year, which the firm said was the biggest year ever for crypto hacking.

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The country facing heavy sanctions is turning to cryptocurrency to fund its nuclear arsenal.

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North Korea has conducted six nuclear tests and analysts expect a seventh this year, as the country ramps up its nuclear weapons program under leader Kim Jong-un.

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For context, North Korea's total exports in 2020 were worth $142 million, so it wouldn't be wrong to say that cryptocurrency hacking is a big part of the country's economy.

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The firm said that these hackers typically launder cryptocurrencies through mixers, which mix cryptocurrencies from different users.

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North Korea steals cryptocurrency through brokers and non-fungible tokens (NFTs) in China.

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Last month, the FBI confirmed that the North Korea-affiliated Lazarus Group was responsible for last year's $100 million crypto theft on a blockchain network called Horizon Bridge.

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Overall, decentralized finance protocols, or DeFi, are responsible for more than 82% of all cryptocurrencies stolen in 2022, a Chainalysis report said.

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