Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Here’s How North Korean Crypto Hackers Stole $600M in 2023

Here’s How North Korean Crypto Hackers Stole $600M in 2023

DailyCoinDailyCoin2024/01/05 18:33
By:DailyCoin
  • North Korean-linked hackers accounted for a third of crypto thefts last year.
  • These attackers utilized various advanced techniques for their malicious acts.
  • The majority of the stolen funds were laundered through crypto mixers.

North Korea is infamous for its position as a formidable threat to the cryptocurrency industry, responsible for some of the notorious cyber heists in history. For years, the country has maintained a malevolent track record, causing considerable damage and siphoning off substantial amounts.

Against this backdrop, the group is once thrust into the spotlight for the extensive impact of the havoc wrought through 2023. 

North Korean Hackers’ Theft Streak 

On Friday, January 5, blockchain analytics expert TRM Labs reported that the Democratic People’s Republic of Korea (DPRK) was responsible for pilfering nearly one-third of all funds stolen in crypto attacks in 2023.

Majority of the hacks were executed through a variety of malicious techniques, such as compromising private keys and seed phrases, amongst other crucial security elements of digital wallets.

Upon acquisition, the stolen digital assets are moved to designated wallet addresses, before being converted into USDT or Tron, and exchanged for hard currency via high-volume OTC brokers.

The groups also employed sophisticated money laundering techniques, which are constantly adapting to maintain elusiveness. One of their favored crypto mixers, Tornado Cash, faced sanctions in August 2023 by the U.S. Department of Justice, prompting the hackers to explore alternative methods.

The infamous North Korean-backed Lazarus were responsible for the September Stake.com hack , the June $35 million Atomic Wallet drain , and $100 million Harmony hack . 

Read more on the amount lost to phishing scams hacks last year:
324,000 Crypto Investors Fell Prey to Phishing Scams in 2023  
SEC set to approve bitcoin ETFs? Find out more:
Bitcoin ETFs Get Final SEC Comments: Approval Today Unlikely

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Jim Cramer, Known for His Wrong Comments, Shared His Last Opinion on Bitcoin and Cryptocurrencies

Jim Cramer, who is the butt of jokes in the cryptocurrency world with his predictions, has made new comments about Bitcoin. Here is everything he said.

Bitcoinsistemi2024/11/27 21:11

A New Name Has Begun to Stand Out in Donald Trump’s Selection for SEC Chair: Decision Could Come In A Few Days – Here Are His Bitcoin and Cryptocurre

Who will be appointed as SEC Chairman, which is critical for cryptocurrencies? Here are the latest names and their views.

Bitcoinsistemi2024/11/27 21:11

Grayscale Announces New 19 Altcoins Including XRP, Avalanche (AVAX) and Solana (SOL)!

Grayscale has announced that it has relaunched private investments for eligible investors across 19 altcoin trusts, including XRP, Avalanche (AVAX), Filecoin (FIL), and Litecoin (LTC).

Bitcoinsistemi2024/11/27 21:00