Info@NationalCyberSecurity
Info@NationalCyberSecurity

North Korean hackers stole a whopping $600M worth of crypto in 2023 | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #hacker


Rampant crypto theft

A new report by blockchain intelligence firm TRM Labs reveals that North Korea was responsible for nearly 33% of all cryptocurrency stolen through hacking incidents in 2023.

The report, published on January 5, estimates that North Korean hackers may have looted up to $700 million worth of crypto in the past year, with $600 million confirmed by TRM Labs’ research. 

This brings the total amount of crypto stolen by hackers since 2017 to a staggering $3 billion, indicating a surge in cyberattacks on digital assets.

Sophisticated money laundering

According to TRM Labs, North Korea employs “constantly evolving” methods of money laundering to evade international law enforcement pressure. The report suggests that the hackers typically compromise users’ private keys or seed phrases, transfer the funds to wallets controlled by North Korean operatives, and then exchange the assets for Tether, a stablecoin pegged to the US dollar.

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