North Korea Hackers Stole $600 Million in Crypto in 2023
Login

North Korea Hackers Stole $600 Million in Crypto in 2023

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


A recent report by blockchain analytics firm TRM Labs uncovered a significant decline in cryptocurrency theft orchestrated by North Korean hackers in 2023.

The findings, released earlier today, revealed that these cybercriminals managed to pilfer approximately $600 million worth of cryptocurrency, marking a notable 30% reduction from their exploits in 2022, when it took around $850 million.

Despite this decrease, the report highlights the persistent threat posed by North Korean hackers, who have amassed a staggering $3 billion from crypto projects since 2018.

Trend of hacks in the crypto industry
Image: TRM Labs

Why Did the Loot by North Korea Hackers Drop In 2023?

Ari Redbord, the Head of Legal and Government Affairs at TRM Labs, told Coindesk that several factors contributed to the decrease in stolen funds in 2023. These include a decline in major hacks, successful law enforcement interventions, improved cybersecurity controls, and the inherent price volatility within the cryptocurrency market.

Despite the drop in heists, Redbord emphasized that North Korean hackers remain a formidable challenge to the crypto ecosystem.

Their attacks are characterized by unprecedented speed and scale, often utilizing sophisticated social engineering techniques. These techniques involve tricking users into unwittingly surrendering their private keys or providing access to their digital wallets.

Screenshot from CoinDesk on the incessant crypto hacks
Image: CoinDesk

TRM Labs Cautions Crypto Community

In response to these ongoing threats, TRM Labs has issued a stern call to the crypto community. They urge the implementation of enhanced cyber defenses and emphasize the need for collaborative efforts with regulators and law enforcement agencies.

The objective is to collectively combat the illicit activities of North Korea and other malicious actors in the cryptocurrency space. The report serves as a stark reminder of the ever-present need for vigilance and proactive measures to ensure the security of the rapidly evolving digital financial landscape.

As the cryptocurrency landscape continues to evolve, TRM Labs stresses the importance of staying ahead of emerging threats and continuously improving security measures to safeguard against potential breaches.

The crypto community is encouraged to remain vigilant and work together to create a resilient and secure environment for digital assets.

 

Interested In Getting The “Learn2Trade Experience?”Join Us Here

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News