North Korean hackers behind 20 crypto heists in 2023

A staggering 20 cryptocurrency heists were attributed to North Korean state-sponsored hackers last year, the highest number recorded since monitoring began in 2016, a new report has revealed.

Despite the total haul decreasing from $1.7 billion in 2022 to just over $1 billion in 2023, as per Chainalysis, the spike in frequency signals persistent threats from groups like Kimsuky and Lazarus.

Of the stolen funds, $428.8 million were taken from decentralized finance platforms, though this denotes a drop from previous years. Centralized services saw $150 million stolen, while exchanges and wallets lost $330.9 million and $127 million respectively. This diversification across sectors exposes alarming adaptability in malicious North Korean cyber tactics.

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The report urges heightened vigilance even amid decreased total losses, with proactive collaboration vital to counter the evolving strategies employed to exploit vulnerabilities across cryptocurrency ecosystems. As adoption spreads, individuals and organizations must bolster defences to withstand state-sponsored threat groups.

With cryptocurrency firmly embedded across finance and technology, stronger collective action is crucial to protect integrity and promote sustainable innovation.