Blockchain intelligence firm TRM Labs has released a report revealing that North Korean state-sponsored hacking groups were responsible for the theft of approximately $600 million worth of cryptocurrency in 2023 alone. This represents a significant increase in cyberattacks originating from North Korea and brings the total estimated stolen amount to around $3 billion since 2017.
According to the report, the hackers employed various tactics, including compromising user accounts, acquiring private keys and seed phrases, transferring funds to North Korea-controlled wallets, and laundering the stolen crypto. They primarily converted the hacked funds into stablecoins like Tether or the Tron token to obscure their transactions.
TRM Labs emphasized that North Korea’s methods of evading authorities are continually evolving. Despite the cybersecurity advancements in the industry, experts anticipate that North Korea-backed crypto cybercrime may further intensify in 2024.
Efforts by the U.S. Treasury Department to impose sanctions on North Korean hacking groups such as the Lazarus Group have not deterred these activities. North Korea has adapted by exploring new techniques, including the utilization of lesser-known crypto mixers for money laundering. Experts note that the scale and sophistication of North Korea’s cryptocurrency-focused cyberattacks continue to expand.
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