‘World’s most powerful cyber thief’ steals $600 million in 2023

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Blockchain intelligence firm TRM Labs reports that approximately 33% of all cryptocurrencies stolen through hackers in 2023 were caused by hacking groups linked to North Korea.

According to TRM Labs report on January 5 explain North Korean hackers have the potential to steal up to $700 million in cryptocurrency by 2023, of which their research has confirmed $600 million. North Korean hackers have stolen approximately $3 billion worth of cryptocurrency since 2017, indicating an increase in attacks involving the country’s digital assets last year.

The blockchain company reported that North Korean hackers’ money laundering methods “continue to evolve to evade international law enforcement pressure.” Research shows that hackers almost always leak users’ private keys or mnemonic phrases, transfer funds to North Korean-controlled wallets, and then exchange the assets for USDT or TRX.

“North Korea’s hacking capabilities require continued vigilance and innovation from businesses and governments. Despite significant advances in cybersecurity by exchanges and increasing international cooperation in tracking and recovering stolen funds, by 2024, the world The world’s most powerful cyberthieves could wreak further damage.”

U.S. Treasury officials have imposed sanctions on individuals and hacking groups they say have ties to North Korea, including Lazarus. After the U.S. Department of Commerce imposed sanctions on cryptocurrency mixing companies Tornado Cash and Sinbad, TRM Labs reported that North Korea “continues to explore additional money laundering tools.”

Research by TRM Labs shows that North Korean hackers stole $600 million in cryptocurrency in 2023. Read this story now: https://t.co/dyNmTcVzcP

— TRM Labs (@trmlabs) January 5, 2024

CertiK reported on January 3 that approximately 751 breaches occurred in 2023, resulting in the loss of more than $1.8 billion in cryptocurrency – a third of which was allegedly committed by North Korean hackers. According to reports, the Ethereum network suffered the largest losses of $686 million after 224 incidents.

U.S. officials have frequently cited digital assets as justification for imposing sanctions on multiple entities, including the terrorist group Hamas following the Oct. 7 attack on Israel. Machine cryptocurrency mixing has also been a specific target of lawmakers, who believe the technology is mainly used for illegal reasons.