According to a report released by the Multilateral Sanctions Monitoring Team (MSMT), North Korea-linked hackers stole a staggering $2.83 billion in virtual assets between 2024 and September 2025.
The report emphasizes that Pyongyang not only excels at theft but also possesses sophisticated methods for liquidating the illicit gains.
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Hacking Revenue Fuels One-Third of Nation’s Foreign Currency
The MSMT is a multinational coalition of 11 countries, including the US, South Korea, and Japan. It was established in October 2024 to support the implementation of UN Security Council sanctions against North Korea.
According to the MSMT, the $2.83 billion stolen from 2024 to September 2025 is a critical figure.
“North Korea’s virtual asset theft proceeds in 2024 amounted to approximately one-third of the country’s total foreign currency income,” the team noted.
The scale of theft has accelerated dramatically, with $1.64 billion stolen in 2025 alone, representing an increase of over 50% from the $1.19 billion taken in 2024, despite the 2025 figure not including the final quarter.
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The Bybit Hack and the TraderTraitor Syndicate
The MSMT identified the February 2025 hacking of the global exchange Bybit as a major contributor to the surge in illicit revenue in 2025. The attack was attributed to TraderTraitor, one of North Korea’s most sophisticated hacking organizations.
The investigation revealed that the group collected information related to SafeWallet, the multi-signature wallet provider
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Author: Paul Kim
