Although the year is not yet over, hackers linked to North Korea have made off with over $200 million in cryptocurrency in 2023—accounting for over 20% of all stolen crypto in 2023, according to a report released on Friday by blockchain intelligence firm TRM Labs. The haul is part of more than $2 billion stolen by cybercriminals in the last five years.

Although it is shaping up to be another lucrative year for cybercriminals, TRM Labs said last year was the most successful year for hackers to date, with over $800 million in cryptocurrency stolen. This was achieved by targeting DeFi protocols in three major attacks that targeted cross-chain bridges, including $625 million stolen from the Ronin Bridge in March of that year.

“North Korean hackers use myriad techniques to launder stolen funds—from chain hopping to mixers—and then quickly cash out through accounts at exchanges that typically have lower KYC/AML controls in place,” a TRM Labs spokesperson told Decrypt in an email. “Following OFAC’s sanctioning of cryptocurrency mixing service Tornado Cash last year, TRM Labs has seen North Korea strongly favor Sinbad as the mixing service of choice.”

Hackers targeted Atomic Wallet users in June, stealing approximately $100 million in Bitcoin, Ethereum, Tron, XRP, Stellar, Dogecoin, and Litecoin. TRM Labs said the thieves sent the looted Ethereum to new addresses they control

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Author: Jason Nelson

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