"North Korean Cybercriminals Have Already Stolen $200 Million in Crypto Hacks in 2023"
According to security researchers at TRM Labs, North Korea has stolen around $200 million in cryptocurrencies across 30 hacks so far in 2023, less than in 2022 but still a sum "10 times larger than attacks by other actors." The researchers noted that although this year has witnessed a considerable downturn in crypto hacks, largely attributable to the decrease in digital asset prices and the ongoing bear market, many cybercriminal groups remain undeterred. North Korean state-affiliated hacking groups were one of the most prolific actors in 2022, a record-breaking year for hacks, with nearly $4 billion stolen. In June, the Wall Street Journal reported the nation had netted more than $3 billion over the last five years, with stolen digital currency funding about 50% of the country's ballistic missile program. The researchers at TRM Labs puts that figure at $2 billion. U.S. officials say the North Korean government relies on a workforce of thousands of IT workers operating worldwide, including in China and Russia, earning as much as $300,000 a year. Officials noted that the operations also rely on "front people" who will apply for jobs at crypto firms and then make small changes to products to allow them to be hacked or slip malicious code to employees at targeted companies. The researchers at TRM Labs stated that although the proceeds from North Korean crypto hacks are down around 75% so far in 2023 compared with last year, the country is still responsible for over 20% of all crypto stolen so far this year. The most lucrative hack in 2023 targeted a non-custodial wallet provider called Atomic Wallet.