North Korea Responsible for Over $600 Million in Crypto Theft in 2023
According to a report by blockchain intelligence company TRM Labs, North Korea was responsible for stealing more than $600 million worth of cryptocurrency in 2023. The actual total could be even higher, possibly reaching $700 million, due to unconfirmed hacks believed to be carried out by North Korea towards the end of the year.
State-Sponsored Attacks to Support Weapons of Mass Destruction
TRM Labs’ data reveals that North Korea’s state-sponsored crypto-related malware initiatives, such as crypto mixer Sinbad and hacking collective Lazarus Group, were targeted by the US government through sanctions. These initiatives aimed to obtain virtual currency to support the country’s military expansion and weapons of mass destruction programs.
North Korean Hacks More Damaging Than Others
TRM labs estimates that Pyongong-based actors have stolen around $3 billion worth of cryptocurrency since 2017. The firm also found that North Korean-backed crypto hacks are at least ten times more damaging than those carried out by other actors. Despite facing international pressure and sanctions, North Korea continues to evolve its money laundering methods and explore new tools.
$1.5 Billion Stolen by DPRK in the Past Two Years
In 2023 alone, the North Korean government was responsible for one-third of all funds stolen in crypto attacks. TRM Labs warns that despite advancements in cybersecurity and international collaboration, North Korea’s hacking activities are likely to continue disrupting the crypto world in 2024. With nearly $1.5 billion stolen over the past two years, continuous vigilance and innovation are necessary from businesses and governments.
Hot Take: North Korea’s Ongoing Threat in Crypto Theft
North Korea’s involvement in cryptocurrency theft poses a significant threat to the international financial system. The country’s state-sponsored hacking initiatives aim to generate revenue for its weapons of mass destruction programs, directly threatening global security. Despite sanctions and efforts to combat these activities, North Korea remains a prolific cyber-thief. In 2024, it is expected that the country will continue to disrupt the crypto industry, demanding continuous vigilance and innovative solutions from businesses and governments worldwide.
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