Chainalysis Report: North Korea-Backed Hackers Stole $1.7bn in Crypto in 2022

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According to research by blockchain analysis company Chainalysis, cybercriminals sponsored by North Korea stole $1.7 billion (£1.4 billion) in cryptocurrency in 2022, breaking the previous record for cryptocurrency theft by at least four times.

According to Chainalysis’ study, last year was “the biggest year ever for crypto hacking.”

Cybercriminals in North Korea are allegedly turning to crypto theft to support the country’s expanding nuclear arsenal as it struggles under crippling international sanctions and is marginalized in the global market. The report noted:

“For context, North Korea’s total exports in 2020 totaled $142m worth of goods, so it isn’t a stretch to say that cryptocurrency hacking is a sizable chunk of the nation’s economy.”

North Korea Hackers Stole 44% of All Stolen Cryptocurrency in 2022: Chainalysis

According to Chainalysis, 44% of the $3.8 billion in cryptocurrency stolen in the last year was stolen by North Korean hackers. The report further detailed:

“The vast majority of illicit value processed by mixers is made up of crypto stolen in hacks, most of which were carried out by groups linked to North Korea. They’re unlikely to be dissuaded by the threat of US sanctions given they reside in a non-cooperative jurisdiction.”

The year’s stolen developments “ebbed and flowed,” with “huge spikes” documented in March and October, even though October was noted as the month with the highest monthly average of bitcoin hacking activities.

According to the data, there were a total of 32 incidents in October that resulted in the theft of $775.7 million.

The report stated that the hackers connected to North Korea, including those in the cybercrime group Lazarus Group, had been by far the most prolific bitcoin thieves, committing multiple thefts totaling an estimated $1.7 billion last year.