According to research conducted by TRM Labs, North Korean hackers may have stolen as much as $700 million in cryptocurrencies in 2023.
TRM Labs, a firm specializing in blockchain intelligence, has estimated that Democratic People’s Republic of Korea (DPRK)-affiliated organizations stole approximately 33 percent of all cryptocurrencies through hacking in 2023.
TRM Labs estimated in a report dated January 5 that North Korean hackers may have stolen as much as $700 million in cryptocurrencies in 2023, with its research confirming the theft of $600 million.
Since 2017, hackers in the DPRK have pilfered approximately $3 billion worth of cryptocurrency, indicating an increase in digital asset-related attacks within the country over the past year.
According to the blockchain company, the DPRK’s money laundering techniques were “continuously evolving to elude international law enforcement pressure.” Scholarly investigations indicate that the hackers nearly invariably obtained private keys or seed phrases from users, transferred funds to wallets under the control of the DPRK, and subsequently exchanged the assets for Tether or Tron.
TRM Labs stated,“North Korea’s hacking prowess demands continuous vigilance and innovation from business and governments,” “Despite notable advancements in cybersecurity among exchanges and increased international collaboration in tracking and recovering stolen funds, 2024 is likely to see further disruption from the world’s most prolific cyber-thief.”
Treasury Department officials imposed sanctions on Lazarus and other individuals and cybercrime groups they suspected had ties to North Korea. In the aftermath of the sanctions imposed by the department on cryptocurrency mixers Tornado Cash and Sinbad, the DPRK “continued exploring other laundering tools,” according to TRM Labs.
North Korean hackers stole USD 600 million in crypto in 2023, TRM Labs research shows. Read the story now: https://t.co/dyNmTcVzcP
— TRM Labs (@trmlabs) January 5, 2024On January 3, 2023, CertiK disclosed that there were approximately 751 breaches that led to the loss of over $1.8 billion in cryptocurrencies, with DPRK hackers allegedly accounting for one-third of those breaches. Reportedly, the Ethereum network incurred the greatest losses, $686 million, across 224 incidents.
Officials from the United States have frequently imposed sanctions on specific entities, including the terrorist organization Hamas, after it attacked Israel on October 7 on the grounds of digital assets. Legislators have also targeted cryptocurrency mediators, claiming that the technology is predominantly employed for illegal activities.
