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August 19, 2023

North Korean Hackers Have Looted $2,000,000,000 Worth of Crypto in the Past Five Years: Blockchain Data Firm

By Conor Devitt

Blockchain analytics firm TRM Labs finds that North Korean hackers have looted more than $2 billion worth of crypto in the past five years.

In a new blog post, the data firm notes that the staggering total was built up across 30 different attacks on crypto projects.

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The majority of North Korean exploits in recent years have focused on decentralized finance (DeFi), with cross-chain bridges a particular point of focus.

North Korean hackers have stolen $200 million worth of crypto year to date, which is roughly one-quarter of the total amount taken last year, according to TRM. This year’s number shows that North Korean exploiters account for 20% of the total amount of crypto looted in 2023.

Source: TRM Labs

TRM also notes that North Korean hackers have improved their on-chain laundering methodologies over time.

“North Korea’s early exploits – which tend to involve the direct use of cryptocurrency exchanges – now feature highly complex, multi-stage money laundering processes in response to more aggressive OFAC (Office of Foreign Assets Control) sanctions, law enforcement focus, and improved tracing capabilities.”

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The crypto analytics firm says chain-hopping is a technique hackers have been using to cover their tracks in the past few years.

Chain-hopping is a form of money laundering where one type of crypto asset is converted to another type and funds are moved across multiple chains, according to the U.S. Department of Justice (DOJ).

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