The North Korean hackers don’t seem to be slowing down in their evil intentions of trying to siphon off millions in cryptocurrency assets from victims’ accounts.
TRM Labs, a firm that helps financial institutions and governments fight financial crime using blockchain data and advanced analytics, reported that North Korean hackers stole approximately $700 million in crypto in 2023.
The company that tracks the suspicious activity in cryptocurrency transactions to keep the financial system safe from scams and money laundering also reported that of the $700 million stolen, $600 million is confirmed stolen according to its research, while the remaining $100 million is an approximation.
The firm has also given an estimated figure, which states that the amount that the group tied to the country of North Korea has stolen sums up to about 33% of all the crypto stolen through hacks in 2023.
The group has also highlighted the figures in which it states that the hackers associated with North Korea have stolen approximately $3 billion worth of cryptocurrency since 2017 and has given an alarming update regarding the increase in the hacking activity of the groups associated with the country.
The blockchain company disclosed that North Korea’s techniques for money laundering are consistently evolving to avoid detection by international law enforcement.
Research indicates that hackers typically compromise users’ private keys or seed phrases, move funds to wallets controlled by North Korea, and then exchange the assets for Tether or Tron.
TRM Labs emphasized the need for ongoing vigilance and innovation from businesses and governments to counteract North Korea’s hacking capabilities.
Despite advancements in exchange cybersecurity and increased global collaboration to track and recover stolen funds, TRM Labs anticipates continued disruptions from one of the world’s most prolific cybercriminal entities in 2024.
The news has certainly highlighted the need for individual and institutional crypto investors to be vigilant when storing their cryptocurrencies. It is of utmost importance for every crypto holder to safely secure their private keys and seed phrases and not share this information with anyone.
Cryptocurrency holders must familiarize themselves with all the phishing and scamming methods to know whether or not they are being duped into disclosing their personal information for illicit purposes.
The U.S. Treasury Department has imposed sanctions on individuals and hacking groups linked to North Korea, including Lazarus, citing their involvement in illicit activities.
After the treasury department sanctioned cryptocurrency mixers Tornado Cash and Sinbad, TRM Labs revealed that North Korea continued exploring alternative money laundering tools.
CertiK reported 751 crypto breaches in 2023, resulting in a loss exceeding $1.8 billion, with DPRK hackers allegedly responsible for one-third of the total.
Ethereum experienced the highest losses at $686 million across 224 incidents. U.S. officials frequently cite digital assets as reasons for imposing sanctions, exemplified by sanctions against the terrorist group Hamas following an attack on Israel on October 7. Lawmakers target cryptocurrency mixers, asserting their primary use for illicit activities.
