North Korean Hackers’ Crypto Heists Yield Lower Profits

In 2023, North Korean hackers stole approximately $1 billion in cryptocurrencies through 20 breaches, compared to $1.7 billion from 15 cyber incidents in 2022, according to Chainalysis.

In 2023, we estimate that the total amount of crypto stolen by North Korea-affiliated hackers is slightly over $1 billion, and the number of hacks rose to 20. pic.twitter.com/HoeIPIuPA7

— Chainalysis (@chainalysis) January 24, 2024

The hackers’ revenues declined despite diversifying their targets. Due to improved security in DeFi protocols, they shifted focus to centralized services and wallets.

Chainalysis noted that in 2023, North Korean hackers favored “old” hacking tactics such as phishing and social engineering.

Analysts observed that cybercriminals are spending more time within targeted networks, highlighting the need for enhanced network monitoring and security for cryptocurrency projects.

According to a report by TRM Labs, in 2023, North Korean hackers stole at least $600 million and were responsible for nearly a third of cyber incidents.

Earlier, Chainalysis reported a decline in illicit revenues in the crypto market last year.