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Blockchain intelligence firm TRM Labs, in a report published on January 5, 2023, revealed that North Korean-affiliated hacker groups were responsible for an estimated 33% of the cryptocurrency stolen in 2023.

North Korean Crypto Hacking on the Rise

According to the report, North Korean hackers stole potentially up to $700 million in cryptocurrency in 2023. The $600 million portion of this amount has been confirmed. North Korean hackers have stolen a total of approximately $3 billion worth of cryptocurrency since 2017.

TRM Labs’ research shows that North Korea is constantly developing its money laundering methods due to international sanctions. Hackers seize private keys during an attack and transfer funds to North Korean-controlled wallets, and then convert them to other cryptocurrencies such as USDT and TRX.

The company said, “The skill of North Korean hackers is encouraging businesses and governments to constantly innovate in terms of security.”

US Government Takes Action Against North Korean crypto-hacking (TRM Labs)

US Treasury Department officials have imposed sanctions on various individuals and hacker groups linked to North Korea, such as the Lazarus Group. The department said it continues to investigate North Korea’s other laundering methods following sanctions on cryptocurrency mixers such as Tornado Cash and Sinbad.

Global Efforts to Combat Crypto Crime

It is important to note that North Korea is not the only country with sophisticated cybercrime capabilities. Governments and businesses around the world are working together to combat crypto crime and protect investors. For example, in January 2023, the Financial Action Task Force (FATF) released updated guidance on virtual assets and service providers, which aims to help countries prevent and detect money laundering and terrorist financing risks associated with cryptocurrencies.

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