TRM Labs, a blockchain intelligence firm, has reported that North Korean hackers potentially stole up to $700 million worth of cryptocurrencies in 2023, with confirmed thefts amounting to $600 million. This figure represents about 33% of all crypto stolen through hacks during the year. The Democratic People's Republic of Korea (DPRK) has been linked to roughly $3 billion in crypto thefts since 2017, indicating an escalation in digital asset attacks.
The DPRK's sophisticated methods for money laundering have evolved to circumvent international law enforcement. Their strategies typically involve compromising users' private keys or seed phrases, transferring funds to DPRK-controlled wallets, and then converting the assets into Tether (USDT) or Tron (TRX). In response, the U.S. Treasury Department has imposed sanctions on individuals and groups associated with North Korea, including the notorious Lazarus hacking group. Despite these sanctions, the DPRK continues to explore alternative laundering tools.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.