• North Korean hackers have stolen over $2 billion in cryptocurrencies in the past five years.
• The UN reported that attackers in the country stole more cryptocurrency assets in 2022 than any other year.
• A new report from blockchain analytics firm TRM Labs estimated around $200 million in crypto heists this year alone.
North Korea’s Crypto Heists
A new report from blockchain analytics firm TRM Labs noted that North Korean hackers have stolen more than $2 billion in cryptocurrencies in the past five years. It estimated around $200 million in crypto heists this year alone, accounting for 30 hacks so far. According to the UN, attackers in North Korea stole more cryptocurrency assets in 2022 than any other year and targeted foreign aerospace and defense companies.
Types of Attack
North Koreans carry out their heists through different ways including phishing and supply chain attacks, as well as infrastructure hacks that involve private key or seed phrase compromises. In recent years, they have almost exclusively targeted the DeFi ecosystem as well as cross-chain bridges that have increasing value which are constantly targeted by them.
Record Breaking Year For Hacks
Last year was a record-breaking year for hacks, with more than $4 billion stolen mostly by North Korean state-affiliated hacking groups – one example being the Ronin Network attack where $625 million was drained and identified by US officials as Lazarus group where they recovered close to $30 million.
Attack On Atomic Wallet
The most lucrative hack this year has been on a non-custodial wallet provider called Atomic Wallet where an estimated USD 100 million worth of cryptocurrency was stolen from over 4,100 individual addresses indicating it could have been a phishing or supply chain attack.
Denials From North Korea
North Korea has previously denied allegations of hacking or other cyberattacks but evidence is now piling up against them showing the extent of their activity within the crypto ecosystem lately with millions of dollars being stolen each time they target a wallet or platform