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Crypto

Massive Crypto Heist: North Korean Hackers Swipe $600 Million In 2023, Investigation Uncovers

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a recent report by TRM Labs, it has been revealed that hackers linked to North Korea conducted significant crypto thefts in 2023, amassing at least $600 million. If additional hacks in the final days of the year are confirmed to be the work of North Korea, the total stolen amount could reach around $700 million. 

Despite a 30% reduction in theft compared to the previous year, the Democratic People’s Republic of Korea (DPRK) was responsible for nearly one-third of all funds stolen in crypto attacks in 2023. 

The report further uncovers the methods and impact of North Korean cyberattacks on the cryptocurrency ecosystem.

North Korea’s Crypto Hacks 10x More Damaging Than Others

According to the TRM Labs report, hacks attributed to the DPRK were found to be ten times as damaging as those not linked to North Korea. Over $3 billion worth of cryptocurrency has been lost to Pyongyang-linked threat actors since 2017. 

Related Reading: Here’s Why Celestia (TIA) Is Rallying To New All-Time Highs

Per the report, the hackers primarily exploit vulnerabilities in digital wallet security, compromising private keys and seed phrases, which are crucial for safeguarding digital assets. 

Crypto
Pyongyang-linked hacks amount to almost $3 billion since 2017. Source: TRM Labs

The stolen funds are then transferred to wallet addresses under the control of North Korean operatives, often converted into Tehter’s USDT or Tron, and ultimately converted into hard currency through high-volume over-the-counter brokers.

TRM Labs further notes that North Korea constantly evolves its money laundering methods to evade international law enforcement pressure. 

As previous platforms used for obfuscation, such as Tornado Cash and ChipMixer, became targets of US sanctions and enforcement actions, North Korea shifted to another mixer called Sinbad. 

However, after Sinbad was also sanctioned by the Office of Foreign Assets Control (OFAC) in November 2023, North Korea continued exploring alternative laundering tools.

North Korea’s Cyber-Theft Spree

With approximately $1.5 billion stolen in the past two years alone, North Korea’s hacking capabilities demand continuous vigilance and innovation from businesses and governments. 

Despite advancements in cybersecurity measures by cryptocurrency exchanges and increased international collaboration to track and recover stolen funds, it is expected that 2024 will witness further disruption from this highly prolific cyber-thief, according to TRM Labs. 

As a result, sanctions have been imposed on eight foreign-based agents of North Korea (DPRK) and the cyber espionage group Kimsuky. 

These actions were taken by the US Treasury’s Office of Foreign Assets Control (OFAC), along with counterparts in Australia, Japan, and the Republic of Korea, in response to the DPRK’s military reconnaissance satellite launch on November 1, 2023.

Related Reading: Prepare For Crypto Headwinds: SEC Reinforces Arsenal In Battle Against Binance And Coinbase

The report highlights the activities of Kimsuky, a cyber espionage group operating since 2012 and associated with the Reconnaissance General Bureau (RGB), which the United Nations and the United States designate. 

Kimsuky focuses its intelligence collection efforts on foreign policy, national security issues related to the Korean peninsula, nuclear policy, and sanctions. 

The group primarily employs spear-phishing techniques to target individuals employed by government organizations, research centers, think tanks, academic institutions, and news media organizations across Europe, Japan, Russia, South Korea, and the United States.

Despite global efforts to enhance cybersecurity measures and counter these attacks, North Korea’s persistent and evolving tactics continue to pose challenges. 

The response of governments to mitigate these cyber crimes and reduce losses in the crypto industry remains uncertain. Observing what additional actions will be taken in this regard is crucial.

Crypto
The daily chart shows the total crypto market cap’s valuation at $1.6 trillion. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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