Kim Myungsung

North Korea's Lazarus Group Allegedly Hacks and Steals Around 47 Billion Won in Cryptocurrency

North Korea has stolen virtual assets worth nearly 50 billion won in Korean currency through cryptocurrency hacking to fund its nuclear and missile development. To halt North Korea's advancements in nuclear and missile technology, blocking hacking activities is suggested as an urgent measure.

The US Department of Justice has released the photo of North Korean hacker Park Jin-hyok, accusing him of heading cyberattacks. Park was a key member of the hacker group 'Lazarus' for over a decade, operating under the cover of the company 'Chosun Expo,' linked to North Korean military intelligence. He was active in Dalian City, China, from 2011 to 2013. 

– Photo by US DOJ -

According to a report from Voice of America (VOA) on July 30, the Estonian cryptocurrency company 'CoinsPaid' fell victim to a hacking attack on the 22nd, resulting in the theft of 37.3 million dollars (approximately 47.7 billion won). They suspect the North Korean 'Lazarus' group was behind the attack.

CoinsPaid's response team, along with international cybersecurity companies, collaborated to trace the perpetrators and enhance defense measures. An official report was also submitted to Estonian law enforcement agencies.

Lazarus, a notorious hacker group operating under North Korea's intelligence agency, has made headlines for its high-profile cyberattacks. In 2014, they targeted Sony Pictures, gaining worldwide notoriety. Two years later, they struck the central bank of Bangladesh, making off with a staggering 81 million dollars (approximately 103.5 billion won). In 2017, they unleashed the devastating 'WannaCry' ransomware attack, impacting over 150 countries.

The National Intelligence Service (NIS) has issued a warning regarding the potential cyber threat from North Korea. The return of Kim Yong-chol, a former North Korean Workers' Party of Korea (WPK) official responsible for South Korea, to the Politburo of the Workers' Party of Korea has raised concerns about significant cyberattacks by North Korea. Kim Yong-chol, renowned for his hardline stance towards South Korea, previously led North Korea's intelligence agency and orchestrated various cyberattacks, such as the July 2009 cyberattacks, the 2010 ROKS Cheonan sinking, and the 2011 Nonghyup computer network shutdown.

In response to the forewarned threat, the NIS is committed to collaborating with allied countries and private sectors to mount an aggressive response against potential cyber threats. As they brace for the upcoming 22nd National Assembly elections scheduled for April 10, 2024, the NIS is determined to strengthen security measures to thwart any attempts by North Korean cyber agents to manipulate the election in favor of specific political parties.