North Korean Actors Behind $600M in Crypto Thefts: TRM Labs

North Korean Hackers

According to a TRM Labs analysis, hackers with ties to North Korea were responsible for one-third of all cryptocurrency exploits and thefts last year, taking away about $600 million in cash.

The blockchain analytics company claimed on Friday that the amount takes the Democratic People’s Republic of Korea’s (DPRK) total revenue from cryptocurrency initiatives to about $3 billion over the previous six years.

Nevertheless, according to Ari Redbord, head of legal and government affairs at TRM, the amount is roughly 30% lower than in 2022. Actors with ties to the DPRK stole about $850 million that year, “a huge chunk” of which came from the Ronin Bridge exploit, Redbord said.

Current Scenario

The latter few months of 2023 saw the majority of the stolen money seized.

“They’re clearly attacking the crypto ecosystem at a really unprecedented speed and scale and continue to take advantage of sort of weak cyber controls,” said Redbord. Many of the attacks continue to use so-called social engineering, allowing the perpetrators to acquire private keys for projects, he said.

TRM links around $200 M in stolen funds to North Korea last year. The fact that the earnings of North Korean attacks go toward the development of WMDs

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