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Bad actors from the Democratic People’s Republic of Korea (DPRK) masterminded one-third of all crypto hacks deployed last year, said a Jan. 5 report from TRB Labs.&nbsp; 
Despite a 30% drop in 2022’s $850 million, North Korean crypto hackers, likely led by the infamous Lazarus Group, stole $600 million in digital assets last year. This figure could increase by $100 million if stoppage time hacks like the $80 million <a href="https://crypto.news/cross-chain-protocol-orbit-bridge-suffers-exploit-losses-surpass-80m/" target="_blank" rel="noreferrer noopener">Orbit Bridge</a> exploit become attributed to Lazarus and North Korea’s cybercriminal organizations.&nbsp; 
According to <a href="https://www.trmlabs.com/post/north-korean-hackers-stole-600-million-in-crypto-in-2023" target="_blank" rel="noreferrer noopener">TRB Labs</a>, hackers affiliated with the DPRK siphoned roughly $1.5 billion from crypto in 24 months and have stolen nearly $3 billion since 2017. The attacks are typically carried out via <a href="https://crypto.news/north-korean-lazarus-group-is-targeting-crypto-companies-with-apt-attacks/" target="_blank" rel="noreferrer noopener">social engineering</a> campaigns targeted at staffers working for crypto start-ups and decentralized protocols. 
 Read more: <a href="https://crypto.news/tornado-cash-creators-deny-laundering-1b-for-north-korea-hackers/"> Tornado Cash creators deny laundering $1b for North Korea hackers </a> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="536" src="https://crypto.news/app/uploads/2024/01/DPRK-hackers-stole-2.7-million-in-crypto-since-2017-1024x536.png" alt="North Korea" class="wp-image-14235002">
 <figcaption class="wp-element-caption">
 DPRK hackers stole $2.7 million in crypto since 2017 | Source: TRB Labs
 </figcaption>
</figure> 
Once a target has been compromised, <a href="https://crypto.news/lazarus-group-hackers-from-country-with-no-internet-threaten-defi/" target="_blank" rel="noreferrer noopener">Lazarus</a> uses hijacked private keys and seed phrases, key aspects of cryptocurrency storage, to initiate unauthorized blockchain transactions. In most cases, the stolen assets are disbursed across many wallets, and a portion is eventually deposited into a crypto mixer like Tornado Cash or Sinbad.&nbsp; 
North Korean hackers also cash out their hauls via OTC desks, exchanging choice tokens like Tether’s stablecoin USDT for fiat. The company has <a href="https://crypto.news/tether-transparency-stance-us-lawmakers-crackdown/" target="_blank" rel="noreferrer noopener">reportedly</a> beefed up vigilance against money laundering and is working with the U.S. Treasury to combat illicit finance.&nbsp; 
Protocols like Tornado Cash, <a href="https://crypto.news/sinbad-crypto-mixer-sanctioned-by-u-s-treasury/" target="_blank" rel="noreferrer noopener">Sinbad</a>, and Blender.io that allow users to obfuscate transactions have also been sanctioned by the Treasury’s Office of Foreign Assets Control (OFAC). 
OFAC sanctions underpin a larger “whole of government” approach toward Lazarus and its operations, which authorities believe funnels profits to North Korea’s nuclear program.&nbsp;The Financial Crimes Enforcement Network labeled crypto mixers a <a href="https://crypto.news/us-says-crypto-mixers-threaten-national-security-amid-middle-east-conflict/" target="_blank" rel="noreferrer noopener">national security threat</a>, while the U.S. has engaged other world governments. 
Authorities from the U.S., South Korea, and Japan <a href="https://crypto.news/us-south-korea-japan-north-korea-cyberattacks/" target="_blank" rel="noreferrer noopener">announced</a> a trilateral initiative to tackle cryptocurrency money laundering by Lazarus and other DPRK-funder actors.&nbsp; 
 Read more: <a href="https://crypto.news/seoul-to-target-north-koreas-illicit-crypto-assets-with-a-new-cyber-bill/"> Seoul to target North Korea’s illicit crypto assets with a new cyber bill </a>

North Korean crypto hackers raided $600m in 2023

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