North Korean Hackers Stole Nearly $600 Million in 2023
Date: 2024-01-06 Author: Dima Zakharov Categories: IN WORLD
North Korean hackers have made headlines once again, this time for their audacious theft of approximately $600 million in the year 2023. The shocking revelation comes from a report by TRM Labs, shedding light on the growing cyber threats posed by the secretive nation.
The report indicates that the sum may increase further if the involvement of North Korean hackers in the hacking of the cross-chain bridge, Orbit Bridge, on the final day of 2023 is confirmed.
The $600 million figure reported by TRM Labs is 30% lower than the losses estimated for 2022. Back then, experts from the company estimated industry losses due to North Korean hackers at $850 million. The United Nations report cited losses of $630 million, while Chainalysis claimed the figure to be a whopping $1.7 billion.
According to the report, "The hacks carried out by North Korea were on average ten times more destructive than those not linked to the country." This underscores the severity of the cyber threats originating from North Korea.
Specialists reveal that North Korean hackers employ social engineering tactics to gain access to private keys and seed phrases. They then convert the acquired funds into USDT or Tron, subsequently converting them into fiat currency through major over-the-counter brokers.
With sanctions and U.S. law enforcement measures targeting Tornado Cash and ChipMixer, North Korea shifted its focus to another mixer service called Sinbad. However, in November 2023, Sinbad faced sanctions from OFAC, prompting North Korea to explore alternative money laundering tools, as highlighted by analysts.
Recorded Future experts previously estimated that North Korean hackers had stolen approximately $3 billion in digital assets since 2017.
To add to the intrigue, in April 2023, the U.S. Department of the Treasury identified three over-the-counter traders conducting cryptocurrency transactions worth tens of millions of dollars on behalf of the Lazarus group, further underscoring the extensive reach of North Korean hackers in the world of cryptocurrencies.
