• Hacks executed by North Korean attackers in 2023 were 10x larger than attacks by other actors.
• The sensational Atomic Wallet hack was the most significant crypto heist pulled off by North Korea in 2023.

The burgeoning crypto industry remained vulnerable to the nefarious designs of North Korean-linked hackers in 2023 according to a recent report. The investigation was carried out by blockchain fraud detection company TRM Labs. The organization divulged thefts to the tune of $200 million year-to-date, by malicious players sitting in the East Asian nation.

Although the size of the heists in 2o23 was significantly down from the disastrous 2022 – which saw illegal outflows of a whopping $800 million – the danger was far over. The alarming research highlighted that hacks executed by North Korean attackers in 2023 were 10x larger than attacks by other actors.

Understanding the motives

North Korea has existed as an international pariah ever since the bloody Korean War in the early 1950s. Due to its possession of weapons of mass destruction and alleged support to terrorist groups, the country has been at the receiving end of punishing economic sanctions by the West.

These tight restrictions have effectively blocked the doors to the global financial system for the country’s young and unemployed. As a result, many of them seek refuge in the anonymous world of cryptos.

Ningshuang Li, a China-based crypto educator and co-founder of crypto content platform CoinDada, told AMBCrypto,

“Cryptocurrencies offer a way to circumvent these traditional financial barriers because they operate on decentralized networks that don’t rely on state-backed institutions.”

Moreover, this also ends up being a low-risk, high-reward scenario for them. Li further added,

“With the right techniques, cybercriminals can execute attacks remotely, reducing the risk of direct physi

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Author: Aniket Verma

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