Blockchain intelligence firm TRM Labs has revealed that groups associated with the Democratic People’s Republic of Korea (DPRK) were behind approximately 33% of all cryptocurrency thefts through hacks in 2023. The firm’s research, published on January 5, suggests that North Korean hackers may have stolen up to $700 million in cryptocurrency in 2023, with $600 million of this amount confirmed. Since 2017, DPRK hackers have reportedly stolen around $3 billion worth of cryptocurrency, indicating a rise in the country’s digital asset attacks over the past year.
TRM Labs reported that the DPRK’s money laundering techniques are continually evolving to avoid international law enforcement. The firm’s research indicates that the hackers typically compromise users’ private keys or seed phrases, transfer the funds to DPRK-controlled wallets, and then exchange the assets for Tether USDT or Tron TRX. The firm warned that “North Korea’s hacking prowess demands continuous vigilance and innovation from business and governments,” and predicted further disruption from the world’s most prolific cyber-thief in 2024.
Sanctions have been imposed on individuals and hacking groups linked to North Korea by officials from the United States Treasury Department, including the group known as Lazarus. Despite these sanctions against cryptocurrency mixers Tornado Cash and Sinbad, TRM Labs reported that the DPRK continues to explore other laundering tools.
On January 3, CertiK reported that there were approximately 751 breaches in 2023, resulting in the loss of more than $1.8 billion in cryptocurrency. DPRK hackers were alleged to be responsible for one-third of these losses. The Ethereum network reportedly suffered the most losses, with $686 million lost over 224 incidents.
U.S. officials have frequently cited digital assets as a reason for imposing sanctions on certain entities, including the terrorist group Hamas following its attack on Israel on October 7. Cryptocurrency mixers have also been a specific target for lawmakers, who argue that the technology is primarily used for illicit purposes.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇺🇸 🇮🇱 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | None |
| Companies | Sinbad, Tornado Cash, Hamas, Lazarus, TRM Labs, Orbit Bridge, CertiK, United States Treasury Department |
| Currencies | Ethereum, Tether, TRON |
| Securities | None |
