Threat actors affiliated with the Democratic People’s Republic of Korea (also known as North Korea) have plundered at least $600 million in cryptocurrency in 2023.
The DPRK “was responsible for almost a third of all funds stolen in crypto attacks last year, despite a 30% reduction from the USD 850 million haul in 2022,” blockchain analytics firm TRM Labs said last week.
“Hacks perpetrated by the DPRK were on average ten times as damaging as those not linked to North Korea.”
There are indications that additional breaches targeting the crypto sector towards the end of 2023 could push this figure higher to around $700 million.
The targeting of cryptocurrency companies is not new for North Korean state-sponsored actors, who have stolen about $3 billion since 2017.
These financially motivated attacks are seen as a crucial revenue-generation mechanism for the sanctions-hit…
