North Korean Hackers Stole More Than $2 Billion in Crypto in the Past 5 Years
TRM Labs, a firm specializing in blockchain analytics, has unveiled findings indicating that hackers affiliated with North Korea have managed to purloin over $2 billion worth of cryptocurrency in the span of five years.
According to a recent blog post by TRM Labs, this substantial sum was amassed through approximately 30 distinct cyber attacks aimed at various cryptocurrency projects.
In recent times, North Korean cyber activities’ primary focus appears to have been decentralized finance (DeFi), with a notable emphasis on cross-chain bridges.
The current year has seen North Korean hackers make off with roughly $200 million worth of cryptocurrency. This figure represents approximately 25% of the total amount stolen in the previous year. Impressively, these actions mean that North Korean cyber attackers are responsible for about a fifth of the total cryptocurrency stolen in 2023.
Additionally, TRM highlights the evolution of tactics employed by North Korean hackers in terms of laundering ill-gotten funds directly through the blockchain.
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“In response to heightened OFAC (Office of Foreign Assets Control) sanctions, increased attention from law enforcement, and improved tracing capabilities, North Korean cyber operations, initially centered around exploiting cryptocurrency exchanges, have now evolved into intricate, multi-step money laundering processes.”
TRM’s analysis also sheds light on the adoption of blockchain-hopping as a method utilized by hackers to obscure their activities recently.
Chain-hopping involves the conversion of one cryptocurrency into another type, followed by the movement of funds across multiple blockchain networks. The U.S. Department of Justice (DOJ) defines this process as a form of money laundering.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
