Analyzed data from the United Nations Security Council (UNSC) and DeFiLlama shows that more than 70% of the cryptocurrency lost in hacks associated with North Korea since 2020 resulted from exploits of private keys.
Based on the data, it is indicated that North Korea has been accountable for approximately $2.4 billion in cryptocurrency thefts since 2020, with $1.69 billion obtained through the compromise of private keys.
These illicit cyber activities are frequently linked to the Lazarus Group, a well-known hacking organization reportedly supported by the government of North Korea, allegedly aiding the country’s program for weapons of mass destruction.
The UNSC recently released a detailed 615-page report outlining investigations into 58 cryptocurrency thefts involving suspected North Korean involvement dating back to 2017. These hacks led to the illicit acquisition of around $3 billion, including $700 million in the year 2023 alone.
However, obtaining a comprehensive overview of each attack is challenging. According to Slava Demchuk, co-founder of AMLBot, not all victims report their losses, potentially resulting in an underestimation of the true scope of the hacks.
Chainalysis, a blockchain analysis firm, presents a higher estimation compared to the UNSC, revealing in January that hacks linked to North Korea accounted for $1 billion of the total $1.7 billion stolen in the previous year.
In 2020, North Korea refuted allegations of any “cyber threat,” placing it in the same category as other criticisms from the United States concerning “human rights,” “state sponsorship of terrorism,” and “money laundering.”
Nevertheless, few individuals outside of North Korea believe these claims, given the on-chain evidence that traces back to North Korea-associated hackers.
Cryptocurrency breaches in 2023 attributed to North Korea (UNSC)
Lazarus Group’s utilization of phishing tactics and exploitation of software vulnerabilities
Magazine received insights from Julius Serenas, the creator of NeurochainAI, indicating that hackers meticulously select their targets and focus solely on high-value thefts.
“To my knowledge, North Korea stands alone in executing hacks…
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