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Hackers from North Korea Took Away Crypto Worth of $2B since 2018, Says a Report

In 2023, TRM Labs claim that hackers from North Korea have stolen crypto assets worth 200 million dollars.

ShahZaib Ahmed



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State-backed hackers from North Korea keep on threatening the wider crypto ecosystem, having exploited crypto of nearly $2B worth during the recent 5 years. TRM Labs, a blockchain intelligence platform, recently delved into the dark world of hacking related to crypto while paying considerable attention to the exploits made by cybercriminals belonging to North Korea.

North Korean Hackers Stole $2 Billion of Cryptocurrency in Recent Years, Says TRM Labs

As per the data provided by TRM Labs, North Korea has exploited approximately $200M of cryptocurrency this year. This accounts for twenty percent of the entirety of the funds stolen during the year 2023. The cyberattacks conducted by the North Koreans are considered to be ten times bigger than those carried out by the rest of the malicious actors.

Also Read: US White House Accuses North Korea of Funding Its Missile Projects with Stolen Crypto

North Korean hackers have additionally increased their operations dealing with the decentralized finance (DeFi) sector. Cross-chain hacks, like the Axie Infinity Ronin Bridge attack, resulted in the exploitation of almost $650M in the form of crypto assets. In this respect, North Korean attackers collectively stole away nearly $800M in 3 distinct attacks just in the year 2022.

They Have Evolved Their Hacking Techniques While Responding to Regulatory and Tech Enhancement

TRM Labs pointed out that these hackers have been experts in on-chain laundering techniques. Moreover, they have evolved the methods used by them while responding to the forceful sanctions that the Office of Foreign Asset Control imposed. They have also kept in mind the enhanced blockchain tracing instruments and improved law enforcement measures.

The incident of Atomic Wallet (a non-custodial wallet-providing forum) took place in June this year. The hackers aimed at up to 4,100 addresses and took away crypto of nearly $100M worth. As per the speculation of TRM Labs, a supply chain or phishing attack was the likely reason for that exploit.

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