North Korean Hackers Stole $600 Million in Cryptocurrencies in 2023
According to a report by TRM Labs, North Korean hackers managed to steal at least $600 million in cryptocurrencies last year. The total amount could increase to $700 million once additional hacks are confirmed. North Korea emerged as a major player in crypto thefts, accounting for nearly one-third of all stolen funds in the past year, although this was a decrease from their $850 million haul in 2022. The report also revealed that hacks linked to North Korea were ten times more destructive than others, and Pyongyang-affiliated threat actors have stolen almost $3 billion in cryptocurrencies since 2017.
Targeting Digital Wallets and OTC Brokers
The primary method used by North Korean hackers is breaching digital wallets by gaining access to private keys and seed phrases, which are essential for wallet security. They then redirect the victims’ assets to addresses controlled by North Korea. These assets are primarily converted into USDT or Tron and then converted into hard currency through high-volume over-the-counter (OTC) brokers. Over the past two years, DPRK hackers have stolen approximately $1.5 billion.
Involvement of Tornado Cash and Sanctioned Groups
Last month, officials from the US, South Korea, and Japan met to discuss North Korea’s cryptocurrency thefts within the context of its nuclear and ballistic missile programs. The National Security Advisors evaluated various initiatives, including consultations on regional crises, sharing ballistic missile defense data, and countering DPRK’s use of cryptocurrency for its unlawful weapons of mass destruction programs. In 2022, North Korean hackers targeted cryptocurrency experts with fake job offers from Coinbase as part of their cybercrime strategy.
Tornado Cash founders were indicted last year for laundering over $1 billion, including funds for the Lazarus Group, a North Korean state-backed hacking group. US Attorney General Merrick B. Garland emphasized that the scheme aimed to assist criminals in laundering and hiding funds using cryptocurrency, including hundreds of millions for the North Korean cybercrime group sanctioned by the US government.
Hot Take: North Korea’s Persistent Crypto Theft Operations
North Korea continues to be a significant threat in the world of cryptocurrencies, with their hackers stealing hundreds of millions of dollars each year. Despite international efforts to curb their activities, they have managed to adapt and evolve their tactics. The involvement of now-sanctioned groups like Tornado Cash further highlights the complexity and global reach of their operations. It is crucial for individuals and organizations in the crypto space to remain vigilant and take necessary precautions to protect their assets from such threats.
By
By
By
By
By
By