Blockchain intelligence company TRM Labs has recently released a new study focusing on the dark world of cryptocurrency-related hacking, specifically honing in on the exploits of cybercriminals from North Korea. Data collected by TRM Labs reveals that in 2023, North Korea managed to steal around $200 million USD worth of cryptocurrencies, making up 20% of the total stolen amount this year.
The cyberattacks originating from North Korea are estimated to be over ten times more than those executed by other malicious actors. These hackers have also set their sights on the decentralized finance (DeFi) ecosystem, persistently carrying out attacks related to cryptocurrency transfers.
Cross-chain attacks, like the Axie Infinity Ronin Bridge hack, resulted in a loss of $650 million USD in cryptocurrencies. North Korean hackers were responsible for pilfering a total of approximately $800 million USD in three separate attacks throughout 2022.
The methods employed to carry out these attacks are varied, encompassing tactics such as phishing and supply chain interference related to private keys and original phrases.
TRM Labs underscored that North Korean hackers have become more adept at money laundering on the blockchain. Previously, cryptocurrency exchanges were commonly used to cash out stolen cryptocurrencies. However, they have now developed a multi-stage “money laundering process” that is intricate and complex.
These hackers have refined their strategies to counter the punitive measures imposed by foreign asset control organizations, law enforcement activities, and improved blockchain monitoring tools. TRM Labs cited the 2023 Atomic Wallet hack by North Korea as an example of how hackers from the country conceal information in the face of such sanctions.
This hack occurred in June 2023 when the hackers targeted the Atomic Wallet service provider, making off with $100 million USD worth of cryptocurrencies from 4,100 addresses. TRM Labs suggests that a phishing attack or supply chain interference might have contributed to making the exploitation feasible.