TRM Labs reported North Korean hackers potentially stole up to $700 million in crypto in 2023, with $600 million confirmed according to its research.
Blockchain intelligence firm TRM Labs has reported groups tied to the Democratic People’s Republic of Korea (DPRK) were responsible for roughly 33% of all crypto stolen through hacks in 2023.
According to a Jan. 5 report, TRM Labs said North Korean hackers potentially stole up to $700 million in crypto in 2023, with $600 million confirmed by its research. DPRK hackers have stolen roughly $3 billion worth of crypto since 2017, suggesting that the authoritarian state’s attacks involving digital assets increased in the last year.
The blockchain firm reported that the DPRK’s methods for money laundering were “constantly evolv[ing] to evade international law enforcement pressure.” Research suggested that the hackers almost always compromised users’ private keys or seed phrases, transferred funds to DPRK-controlled wallets, and then swapped the assets for Tether (USDT) or Tron.
