News View Non-AMP

North Korean Crypto Hackers Loot $1 Billion in 2023

Published by
Elena R

In a startling revelation, experts have unveiled that despite a significant drop in the overall funds pilfered from cryptocurrency platforms by over 50% in 2023, the threat of hacking looms large with a notable surge in incidents. Particularly alarming is the uptick in cyber heists attributed to North Korea-linked groups, such as the infamous Lazarus group, employing increasingly sophisticated tactics to siphon off vast sums of crypto assets.

A staggering approximately $1.7 billion was illicitly acquired by these nefarious entities tied to the Democratic People’s Republic of Korea (DPRK) in 2022, marking an all-time high in the annals of cryptocurrency theft. The frequency of such breaches escalated to 20 last year, the highest ever recorded, underscoring a persistent and evolving threat.

Breakdown of Thefts by Category

A detailed analysis by Chainalysis sheds light on the distribution of these thefts, with North Korea-linked hackers predominantly targeting DeFi (Decentralized Finance) platforms, from which they expropriated approximately $428.8 million in 2023. Centralized services, exchanges, and wallet providers also fell victim, suffering losses of over $150 million, $330.9 million, and $127.0 million, respectively.

The primary arsenal of these North Korean cyber criminals involves infiltrating digital wallets by compromising private keys or seed phrases, striking at the core of digital asset security. Post-breach, the stolen assets are directed to DPRK-controlled wallet addresses, often converted to USDT or Tron, and then laundered into hard currency through high-volume OTC brokers.

Read More: Weekly Crypto Hack Roundup: Rugs Pulled and Attacks Exposed! (January 14th – 21st, 2024)

Adapting to the Crackdown

Under relentless international law enforcement pressure and sanctions targeting their favored currency mixing services like Tornado Cash and ChipMixer, these hackers have pivoted, focusing on alternative mixers such as the BTC service Sinbad. Despite subsequent sanctions on Sinbad, their insatiable thirst for new and elusive laundering techniques remains unquenched.

Looking Ahead: Crypto Security in 2024

The past two years witnessed North Korean hackers and their counterparts seizing billions in crypto assets, underscoring the critical need for continual advancements in cybersecurity. Responding to the clarion call, the crypto community fortified its defenses, implementing enhanced security measures and improving tracking and recovery efforts for stolen funds.

As we move into 2024, there is a cautious optimism that these efforts will mitigate the impact of the world’s most formidable crypto thieves, ensuring a safer environment for digital asset holders.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Dogecoin Gearing Up for an Explosion—Can DOGE Bulls Propel Price by 100% in Q2 2025?

With a slight rise in the bullish strength, memecoins rebounded the hardest, as they do…

April 2, 2025

Pi Coin Crashes 74%: Community Calls for Transparency and Leadership Changes

​Pi Network's native cryptocurrency, PI, has recently experienced a significant decline in value, dropping to…

April 2, 2025

Uber And XION Showcase Web3’s Advantage In User Acquisition

Customer acquisition is getting harder than ever for businesses of every size due to the…

April 2, 2025

Ethereum Price Struggles Amid Macroeconomic Uncertainty: Will ETH Rebound?

Amid the notable macroeconomic uncertainty caused by the tariff trade wars, Ethereum (ETH) price has…

April 2, 2025

$1.67B Stolen in Q1 2025 – Top Crypto Hacks Revealed!

The first quarter of 2025 was a rollercoaster for the crypto world. Governments pushed for…

April 2, 2025

Ethereum Price Prediction for Q2 2025—Will ETH Price See a Strong Recovery Past $2500?

After experiencing 4 red months in a row, the minor rise in the Ethereum (ETH)…

April 2, 2025