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Crypto Onslaught of North Korea Continues as Exploiters Target More Platforms

The reports have pointed out that groups such as Lazarus Group and Kimusky have been employing diverse malicious techniques to get enormous crypto assets.

ShahZaib Ahmed

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Crypto Onslaught of North Korea Continues as Exploiters Target More Platforms

In the previous years, cyber-attacks have witnessed a huge increase in North Korea. The reports have pointed out that groups such as Lazarus Group and Kimusky have been employing diverse malicious techniques to get enormous crypto assets. In the year 2023, hackers having links with North Korea made extreme theft. As a result of this, they effectively accumulated nearly $1.7B.

North Korean Exploiters Keep on Targeting More Crypto Companies in 2023

As per the new analysis that Chainalysis has conducted, North Korea aimed at more firms dealing with cryptocurrency than before. However, they stole less amount of money in comparison with the year 2022. Irrespective of the respective decrease, the total number of exploits touched a record spike of twenty. This coincided with the usual downturn in the market of cryptocurrency.

Back in the previous year, Chainalysis assessed that the cumulative cryptocurrency that the exploiters stole was slightly above $1B. It is noteworthy that the hackers connected with North Korea focused on companies dealing with decentralized finance. Therefore, they stole almost $428.8M. Along with that, they moved on to target centralized services, wallet providers, and exchanges. In this respect, they took away $150M, $127M, and $330.9M respectively.

Also Read: Crypto Phishing Attacks Take Away $300M from Innocent Investors During 2023

A notable thing is that the North Korean cybercriminals saw a huge decrease in their attacks on DeFi protocols during 2023. This reflects the general plunge in the hacking events concerning decentralized finance. The overall stolen funds saw a drastic slump of nearly 54.3% to reach $1.7B last year. This took place irrespective of the spike in the number of distinct hacking events.

Stolen Funds Throughout 2023 See an Enormous Decline As Compared to 2022

In the year 2022, a total of 219 individual events occurred while this figure elevated to 231 in 2023. The crucial nosedive in exploited assets can be linked chiefly to a reduction in the hacking events in the Web3 world. In the recent few years, the increase in stolen cryptocurrency was normally driven by exploits aiming at DeFi protocols. This amounted to above $3.1B in the years 2021 as well as 2022.

yearly stolen funds

Nonetheless, last year, exploiters made a great effort but could just steal $1.1B from the protocols. This denotes a significant 63.7% slump in the cumulative value that they stole from the DeFi firms year-over-year. In addition to this, a great decrease took place in the proportion of the funds pilfered from the DeFi entities in 2023.

Median Loss during the Whole Year Witnesses a 7.4% Decrease for Each Exploit

The value that the DeFi sector lost in hacks went through a significant year-over-year slump of up to 63.7% last year. In this respect, the median loss accounting for each of such exploits plunged by 7.4%. Irrespective of the general spike in the number of cryptocurrency exploits in 2023, the number of exploits in decentralized finance sector dropped by almost 17.2%.

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