Published on January 24, 2024 at 11:48 PM
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In 2023, North Korea-linked hackers, under the direction of Kim Jong Un, targeted a record number of cryptocurrency platforms, stealing over $1 billion in assets. This is according to a recent report by blockchain analytics firm Chainalysis.
What happened: The report revealed that these hackers attacked 20 cryptocurrency platforms in 2023, the highest number recorded from 2016 to 2023. They were able to steal slightly over $1 billion worth of crypto assets, a decrease from the $1.7 billion stolen in 2022.
“North Korea-linked hacks have been on the rise over the past few years, with cyber-espionage groups such as Kimsuky and Lazarus Group utilizing various malicious tactics to acquire large amounts of crypto assets,” said Chainalysis.
One of the recent attacks was confirmed by the FBI in September, where North Korea’s Lazarus Group stole $41 million from online casino and betting platform Stake.com.
In November, the US Department of the Treasury’s Office of Foreign Assets Control sanctioned Sinbad.io, a virtual currency mixer used by the Lazarus Group for money laundering. Previous research has also shown that North Korea-affiliated hackers have stolen hundreds of millions of crypto assets to fund the regime’s nuclear weapons programs.
Why it matters: This surge in North Korea’s crypto hacking activities is part of a larger trend. A report by TRM Labs revealed that in 2023, hackers associated with the Democratic People’s Republic of North Korea (DPRK) looted more than $600 million worth of crypto assets, despite a 30% reduction from their $850 million haul in 2022.
In addition, Singapore’s National Intelligence Service reported that North Korean hackers illicitly acquired over $180 million in cryptocurrency in the first half of 2023. This is a cause for concern, as South Korea’s intelligence agency has issued an alert about Kim’s potential plans to disrupt the forthcoming US and South Korean elections with military and cyber attacks.
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“Start 2024 Strong With 3 Hot Stock Ideas – Practically Free”
Don’t miss your chance to potentially gain 32%, 39%, or 45% in today’s market with stock expert Gianni Di Poce’s 3 latest stock ideas. These could greatly impact your wealth-building journey. Act fast to receive 12 hot stock ideas every month.
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