According to recent findings from blockchain intelligence company TRM Labs, North Korean hackers made off with digital assets valued at more than $500 million in 2023.
New research from the crypto analytics platform indicates that hackers linked to the DPRK stole $600 million worth of cryptocurrency last year.
The number may reach $700 million if the vulnerabilities discovered around the end of December are validated.
“Despite a 30% decrease from the $850 million haul in 2022, the Democratic People’s Republic of Korea was still accountable for over a third of all funds taken in crypto assaults last year.
On average, hacks associated with the DPRK caused 10 times more damage than those unrelated to the country. The value of cryptocurrency stolen by groups with ties to Pyongyang has reached about $3 billion since 2017.”
According to the research, North Korean hackers conceal their criminal activities from authorities by using crypto-mixing tools. If their favored crypto tumblers are sanctioned, they switch to another one.
“In response to mounting criticism from throughout the world, the DPRK’s money laundering techniques are always being refined. With its prior obfuscation platforms, Tornado Cash and ChipMixer, hit hard by US sanctions and enforcement measures, North Korea shifted its focus to Sinbad, a Bitcoin service it had previously started utilizing.
Following the November 2023 sanction of Sinbad by the Office of Foreign Assets Control (OFAC), North Korea persisted in investigating other methods of money laundering.”
TRM Labs ends by predicting that North Korea will keep hacking cryptocurrency wallets even in 2024. According to previous research by TRM Labs, North Korean hackers stole virtual currency valued at about $2 billion over the last five years.
Wallets