New Report Reveals North Korean Hackers Stole $600 Million in Crypto in 2023
A recent study conducted by blockchain intelligence firm TRM Labs has uncovered that hackers associated with the Democratic People’s Republic of North Korea (DPRK) looted approximately $600 million worth of cryptocurrency assets in 2023. The figure could potentially be as high as $700 million, pending further confirmation.
Despite a 30% decrease from the previous year’s $850 million haul, the DPRK was responsible for nearly one-third of all funds stolen in crypto attacks last year. Moreover, hacks perpetrated by North Korea were found to be ten times more damaging than those not linked to the country. Since 2017, Pyongyang-linked threat actors have caused losses of nearly $3 billion in the crypto space.
North Korean Hackers’ Evolving Money Laundering Tactics
The study also revealed that North Korean hackers employ crypto mixing tools to hide their illicit activities from law enforcement. If their preferred platforms become sanctioned, they swiftly transition to other crypto tumblers. As seen with Tornado Cash and ChipMixer, both targeted by US sanctions and enforcement actions, North Korea shifted to another mixer called Sinbad. However, even after Sinbad faced sanctions in November 2023, North Korea continued exploring alternative laundering tools.
Future Outlook: More Crypto Wallet Hacks Expected
TRM Labs concludes the report by stating that North Korea will likely continue hacking crypto wallets in 2024. This follows a previous finding by the firm, which revealed that North Korean hackers had stolen around $2 billion worth of virtual currencies over the past five years.
Hot Take: North Korean Hackers Remain a Major Threat in the Crypto Space
The latest report from TRM Labs highlights the ongoing threat posed by North Korean hackers in the cryptocurrency industry. Despite a decrease in funds stolen compared to the previous year, their attacks remain highly damaging. The study emphasizes the constant evolution of money laundering tactics employed by these hackers to evade international law enforcement. With losses totaling almost $3 billion since 2017, it is clear that tackling this issue and strengthening security measures against such threats is crucial for the crypto community.
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