Attacking more, stealing less – this trend in the activity of cryptohackers from North Korea can be traced in the Chainalysis report.

In 2023, hackers linked to North Korea hacked a total of 20 crypto platforms, a record level of activity over the past 7 years. Meanwhile, the total amount of stolen funds amounted to more than $1 billion, which is less than the record $1.7 billion in 2022.

“Hacker attacks linked to North Korea have increased in recent years, with cyber espionage groups such as Kimsuky and the Lazarus Group using various malicious tactics to obtain large amounts of crypto assets,” Chainalysis said in a report.

Another blockchain intelligence firm, TRM Labs, reports a slightly smaller amount, saying hackers linked to North Korea stole at least $600 million in cryptocurrency in 2023.

North Korea’s artificial intelligence development raises concerns about sanctions

According to CNBC, in September, the FBI confirmed that North Korea’s Lazarus Group was responsible for stealing about $41 million worth of crypto-assets from online casino and betting platform Stake.com.

On November 29, the Office of Foreign Assets Control of the US Department of the Treasury imposed sanctions on Sinbad.io, a coin mixer that is a key money laundering tool for the Lazarus Group. Sinbad.io reportedly “assisted” the Lazarus Group in laundering millions of dollars in cryptocurrency stolen from the Horizon Bridge and Axie Infinity hacks, among others.

A previous investigation found that hackers affiliated with North Korea stole hundreds of millions of cryptocurrencies to fund nuclear weapons programs.

Since North Korea conducted its first nuclear test in 2006, the state has been subject to several UN sanctions aimed at limiting the regime’s access to the funding sources needed to support its nuclear activities.

“With nearly $1.5 billion stolen in the past two years alone, North Korea’s hacking prowess demands continued vigilance and innovation from businesses and governments,” said a January 5 TRM Labs report. “Despite significant progress in cybersecurity on exchanges and increased international cooperation in tracking and recovering stolen funds, 2024 is likely to see further breaches from the world’s most active cyberthief.”