North Korean hackers set a record by stealing more than $1 billion from crypto platforms last year
Attacking more, stealing less – this is the trend of crypto hackers from North Korea in this year’s Chainalysis report.
In 2023, hackers linked to the DPRK hacked a total of 20 crypto platforms, a record level of activity over the past 7 years. Meanwhile, the total amount of stolen funds amounted to more than $1 billion, which is less than the record $1.7 billion in 2022.
“Hacker attacks linked to North Korea have become more frequent in recent years, with cyber spy groups such as Kimsuky and Lazarus Group using various malicious tactics to obtain large amounts of crypto assets,” Chainalysis said in its report.
Another blockchain intelligence company, TRM Labs, reports a slightly smaller amount – according to its data, hackers linked to North Korea stole at least $600 million in cryptocurrency in 2023.
According to CNBC, in September, the FBI confirmed that the North Korean Lazarus Group was responsible for the theft of crypto assets from the online casino and betting platform Stake.com worth about $41 million.
On November 29, the U.S. Treasury Department’s Office of Foreign Assets Control imposed sanctions on Sinbad.io, a coin mixer that is a key money laundering tool for the Lazarus Group. Sinbad.io reportedly “helped” the Lazarus Group in laundering millions of dollars in cryptocurrency stolen as a result of hacker attacks on Horizon Bridge and Axie Infinity, among others.
Since North Korea conducted its first nuclear test in 2006, the state has been subject to several UN sanctions aimed at restricting the regime’s access to the sources of funding needed to support its nuclear activities.
“With nearly $1.5 billion stolen in the last two years alone, North Korea’s hacking prowess requires constant vigilance and innovation from businesses and governments,” TRM Labs said in a January 5 report. “Despite significant progress in cybersecurity on exchanges and increased international cooperation in tracking and recovering stolen funds, further hacks from the world’s most active cybercriminal are likely to be expected in 2024.”
