North Korean Hackers Steal $600 Million in Digital Assets
The latest research by blockchain intelligence firm TRM Labs reveals that North Korea-affiliated hackers stole at least $600 million worth of digital assets in 2023. If additional attacks that occurred at the end of the year are confirmed as North Korean hacks, this figure may rise to $700 million. Though lower than the previous year’s $850 million, the report indicates that North Korean attacks were ten times more damaging compared to those not linked to the country.
North Korea, which is under UN sanctions, has allegedly been using stolen digital assets to fund its nuclear weapons program. The country’s ability to do so undermines international sanctions. The hackers typically compromise private keys and seed phrases of digital wallets to transfer the stolen assets to addresses controlled by North Korean operatives. These assets are then swapped for USDT or Tron and converted into hard currency using high-volume OTC brokers.
Continued Laundering of Stolen Crypto Funds
Despite previous sanctions on crypto mixers used by North Korea, the TRM Labs report highlights that the country has continued to launder stolen funds. It emphasizes the need for ongoing vigilance and innovation from businesses and governments to combat the hacking prowess of North Korea and its affiliates.
Hot Take: North Korea’s Rising Hacking Threat
According to the TRM Labs report, North Korea’s recent hacking activities pose a significant threat to the security of digital assets. With the country’s ability to fund its programs through stolen assets, it undermines international sanctions and highlights the challenges faced by businesses and governments in combatting cyber threats. Ongoing vigilance, innovation, and enhanced security measures are crucial to protect against these attacks and safeguard the integrity of the crypto space.
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