In recent years, North Korean hackers have been reported to have stolen crypto assets worth $721 million from Japan since 2017, representing approximately 30% of worldwide crypto theft. In a study by a UK-based compliance specialist, these hackers have been targeting both Japan, Vietnam and Hong Kong which are top Asian crypto hubs. Analysis firm Elliptic has tracked the Lazarus Group blockchain wallet transactions from North Korea, with the country reportedly taking in over $3 billion. Japan was the biggest victim with $640 million of stolen money, followed by Vietnam ($540 million), the USA ($497 million) and Hong Kong ($281 million). For 2022, Elliptic has projected the amount to double, with North Korea stealing between $600 million and $1 billion.

The UN Security Council panel of experts released a report in April of the same year, which detailed the large amount of crypto theft and the doubling since 2021. This has been noted by the Group of Seven finance ministers and central bank governors, and they have tabled a joint statement pushing governments to take a tougher stance on the issue and protect against “illicit activities by state actors”.

Japan has been leading the cryptocurrency revolution on a global scale, with a favourable regulatory environment and strong government and financial sector support. According to recent research, over 5 million Japanese, or 4.0% of the total population, currently own cryptocurrency. To protect investors, prevent money laundering and other criminal activities, the Japanese government has implemented measures, such as suspending crypto exchange FTX Japan last year.



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