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CRYPTO THEFTS HIT RECORD $3.8B IN 2022 ON SURGE IN NORTH KOREA HACKING: REPORT

By Jeff Stone | February 3, 2023

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Thieves stole a record $3.8 billion worth of cryptocurrency in 2022 as sanctions
on North Korea drove a surge in suspected hacking by the Asian nation.

Overall crypto losses increased from $3.3 billion stolen in 2021, blockchain
analysis firm Chainalysis Inc. said in a report published Wednesday. Hacking
groups that US officials have linked to the North Korean government stole an
estimated $1.7 billion in 2022 and up from roughly $400 million last year,
according to the firm.



North Korean hackers have increased their focus on the cryptocurrency sector as
a means to raise revenue in the face of international sanctions, according to US
officials. Fraudsters have used a range of tactics, from posing as non-North
Koreans in job interviews to deploying ransomware, in order to generate revenue,
researchers have found. Anne Neuberger, US deputy national security advisor for
cyber and emerging technology, said in July that money stolen via hacking makes
up roughly one-third of the funding for Pyongyang’s weapons development
programs.



The US Federal Bureau of Investigation last week blamed two North Korean
cybercrime groups for stealing $100 million in a heist in June last year at the
Harmony Bridge crypto service. The Lazarus Group, a specialized hacking unit
that the FBI previously said is associated with North Korea’s Reconnaissance
General Bureau, also stole rougly $600 million in March from a blockchain
network connected to Axie Infinity, a popular video game, US officials said.

Investigators later said they had recovered some $30 million that was stolen in
the Axie Infinity theft, in what Chainalysis said was the first-ever seizure of
funds stolen by hackers with links to North Korea.

“While North Korea-linked hackers are undoubtedly sophisticated and represent a
significant threat to the cryptocurrency ecosystem, law enforcement and national
security agencies’ ability to fight back is growing,” Chainalysis wrote.
Following the Axie Infinity recovery, “we expect more such stories in the coming
years, largely due to the transparency of the blockchain. When every transaction
is recorded in a public ledger, it means that law enforcement always has a trail
to follow, even years after the fact, which is invaluable as investigative
techniques improve over time.”

The report found that suspected North Korean groups relied heavily on mixing
services, which allow uses to mask their transactions, to launder stolen
cryptocurrency. The hackers almost exclusively used Tornado Cash to launder
digital money until the US Treasury Department sanctioned the service in August.



Of all the cryptocurrency stolen last year, $3.1 billion was taken from
decentralized finance, or DeFi, protocols, Chainalysis said. Attackers leveraged
hard-to-spot digital vulnerabilities in the DeFi infrastructure that undergirds
crypto projects, with a particular focus on bridge services. Of the $3.1 billion
stolen from DeFi services, 64% came from cross-chain bridges, which allow users
to convert one cryptocurrency to another, Chainalysis observed.

Photograph: A screen displays a broadcast of a news report featuring North
Korean leader Kim Jong Un at Seoul Station in Seoul, South Korea, on Tuesday,
April 21, 2020. Photo credit: SeongJoon Cho/Bloomberg

Related:

 * Crypto Crime Hits Record $20B in 2022, Report Says

Copyright 2023 Bloomberg.

Topics Trends Cyber Fraud

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