South Korea: North Korea Stole Millions From Crypto Exchanges Last Year

The South Korean National Intelligence Service claimed North Korea stole "billions of won" in cryptocurrencies last year.

AccessTimeIconFeb 5, 2018 at 9:10 p.m. UTC
Updated Aug 18, 2021 at 8:06 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

South Korean officials believe that North Korean hackers stole tens of millions of dollars' worth in cryptocurrencies last year, according to local reports.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • reports that the National Intelligence Service (NIS), briefing the country's lawmakers on the cyber attacks, said that phishing scams and other methods had yielded tens of billions of won in customer funds. The news service notably reported that authorities in South Korea are probing whether the same hackers were behind last month's attack on Coincheck, which led to the theft of more than $500 million in cryptocurrency.

    Last year's attack on cryptocurrency exchange Bithumb resulted in roughly 8 billion won being stolen, along with the personal information of some 30,000 customers, as previously reported by CoinDesk.

    South Korean parliament member Kim Byung-kee further noted the impact of phishing emails in scamming users, according to Reuters, saying:

    "North Korea sent emails that could hack into cryptocurrency exchanges and their customers’ private information and stole (cryptocurrency) worth billions of won."

    Reclusive North Korea has been implicated in exchange hacks and scams on numerous occasions, as well as unsuccessful attempts at stealing cryptocurrencies from trading sites, as previously reported. Last year, police officials claimed that North Korean attackers attempted to trick 25 employees at four exchanges with spear phishing attacks, though none appeared to have fallen for the ruse.

    The attempted thefts were first reported by cybersecurity firm FireEye, and later confirmed by government officials.

    The rogue nation seems to be going after cryptocurrencies as a way to evade financial sanctions imposed by the United Nations, particularly sanctions voted in after the country's recent nuclear missile tests.

    North Korean wall image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.