North Korean hackers have stolen at least $600 million worth of crypto in 2023. According to blockchain intelligence firm TRM, this represents about a third of the total value of crypto thefts during the year.
The amount is huge, but less than what Korean hackers stole in 2022 ($850 million).
According to the researchers, if other thefts committed in the last few days of 2023 are confirmed to be attributed to North Korean hackers, the total could reach $700 million. This includes an attack on Orbit Chain on December 31, 2023, which resulted in the theft of over $80 million worth of crypto.
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Researchers estimate that since 2017, North Korean hackers have stolen $2.7 billion worth of crypto.
It is known that North Korean state hackers carry out attacks and steal crypto to generate revenue for the government, in light of international sanctions targeting the regime.
North Korea: Crypto theft attacks
Researchers said North Korean hackers are using innovative tactics to evade detection by law enforcement. For example, following US sanctions and the activities of crypto mixers Tornado Cash and Chipmixer, groups like Lazarus have turned to other methods to launder stolen crypto.
Typically, fraudsters compromise private keys and seed phrases used to protect digital wallets.
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After the breach, North Korean hackers transfer victims’ digital crypto assets to an address they control. They then exchange the currency for USDT or TRON and then convert it into hard currency using OTC brokers.
It is worth noting that TRM has observed “notable developments” in addressing such attacks. For example, improved security is being identified in crypto exchange services , while there is also international cooperation in tracking and recovering stolen funds.
However, the company predicts that North Korean hackers will continue to carry out effective attacks in 2024.
See also: Orbit Chain hacked: Over $80 million worth of crypto stolen
The $600 million theft in 2023 had a significant impact on the cryptocurrency world. First, concerns about the security and reliability of crypto. Many investors and users began to question the ability of cryptocurrencies to protect their funds from such attacks.
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Second, this theft led to increased regulation and oversight by government authorities. Many countries revised their regulations regarding cryptocurrencies and strengthened efforts to prevent illegal activity and fraud.
Third, consumer confidence in cryptocurrencies was tested. Many people who had invested in cryptocurrencies felt uncertain about their future in the sector, while others decided to withdraw altogether.
Finally, this theft affected the development and innovation in technology crypto. Many companies and organizations were forced to review their strategies and invest more in security and data protection.
Source: www.infosecurity-magazine.com
