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- 1 North Korea’s bad crypto actors have stolen $340.4 Million in 2023, a decline of 80% from the last year.
- 2 North Korea-linked attacks generated up to 30% of all the crypto funds stolen in hacks in the current year.
A post from Chainanalysis, an American blockchain analysis firm, uncovered the illegal activities carried out by North Korean immoral Crypto actors. A sudden fall in North Korean hacking activities has been observed in the crypto space in the past year. From $1.17 Billion in 2022 to $340.4 Million, an 80% decline is observed in the crypto bad actors’ activities.
What Hit the Hackers?
Chainanalysis is a blockchain analysis firm helping crypto businesses, government agencies, and financial institutions engage with cryptocurrency confidentiality. Based on the analysis, the firm came up with news linked to North Korea’s crypto hackers.
Digital assets stolen by the North Korean-linked hackers have declined up to 80% from 2022, falling from $1.17 Billion in 2022 to $340.4 Million in 2023, as per the report of Chainanalysis on September 14. “It’s not necessarily a sign of progress” stated the blockchain forensic firm in the report. There is a high chance that the North Korean Crypto Hackers are cooking something bigger.
The hacking activities of the group have increased gradually since 2016, and a decline in the action when the Crypto market is achieving new heights is indigestible. Addressing the stats, in 2017, the group stole around $29,152,000 of assets whereas the practice fueled with time reaching $1.17 Billion in 2022. “The current situation doesn’t indicate improved security or decline in crime practices, we need to be more attentive this time”, added Chainanalysis.
Considering the past 10 days, North Korea’s Lazarus Group, a cybercrime group made up of an unknown number of individuals supported by the North Korean government, linked to two separate hacks including Stake and CoinEx. Stake has stolen around $40 Million on September 4 whereas CoinEx has stolen around $55 Million on September 12, $95 Million in total. The hack was 30% of all the crypto funds stolen by the group this year. Addressing the unethical happenings, it is essential for the businesses working with the crypto market to train their employees to encounter and handle the tactics employed by the bad actors, added Chainanalysis.
Conversion of North Korea to Dubious Exchanges
Chainanalysis also observed something unusual that can be a huge obstruction to the crypto market in the future. The North Korean hackers have become reliant on particular Russian-based cryptocurrency exchanges over the past few years.
North Korea has been involved in the various Russian-based exchanges since 2021, attempting one of the largest hacking events including $21.9 Million in funds directly transferred from Harmony’s $100 Million bridge hack. The group used United States-sanctioned crypto mixers Tornado Cash and Blender to make a successful attempt.
In response to this, the US is making an effort to somehow cease the criminal tactics at the international level.
Conclusion
The decline in North Korean hacking activities simply shocked the crypto world. Chainanalysis uncovered the news stating that crypto businesses need to be more aware now. The decline in the activities doesn’t seem to be good news for the crypto industry and the need to train its employees.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
