Menu

  • Alerts
  • Incidents
  • News
  • APTs
  • Cyber Decoded
  • Cyber Hygiene
  • Cyber Review
  • Cyber Tips
  • Definitions
  • Malware
  • Threat Actors
  • Tutorials

Useful Tools

  • Password generator
  • Report an incident
  • Report to authorities
No Result
View All Result
CTF Hack Havoc
CyberMaterial
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
Hall of Hacks
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
No Result
View All Result
Hall of Hacks
CyberMaterial
No Result
View All Result
Home News

North Korea’s $600M Crypto Heists

January 8, 2024
Reading Time: 3 mins read
in News

In 2023, threat actors affiliated with North Korea, officially known as the Democratic People’s Republic of Korea (DPRK), executed a series of successful cryptocurrency heists, amassing over $600 million, as revealed by blockchain analytics firm TRM Labs. Despite a 30% reduction from the previous year’s $850 million haul, DPRK-linked hacks proved to be ten times more damaging on average than non-North Korean-related attacks. These cyber intrusions play a critical role in generating revenue for the heavily sanctioned nation, supporting its weapons of mass destruction and ballistic missile programs. The targeting of cryptocurrency companies by North Korean state-sponsored actors is not a new phenomenon, with approximately $3 billion stolen since 2017.

The modus operandi of these financially motivated attacks involves social engineering tactics to compromise private keys and seed phrases, essential for securing digital wallets. Once unauthorized access is gained, the hackers transfer the victims’ assets to wallets under their control. The stolen funds are then often converted into stablecoins like USDT or Tron, facilitating their transformation into hard currency through high-volume over-the-counter brokers. Despite the U.S. Treasury Department’s sanctioning of a crypto mixer service named Sinbad, a significant processing hub for DPRK’s proceeds, TRM Labs notes that North Korean hackers remain adaptive, continuously exploring alternative money laundering tools.

With nearly $1.5 billion stolen in the past two years alone, North Korea’s proficiency in cryptocurrency hacking underscores the importance of continuous vigilance and innovation from both businesses and governments. The funds acquired through these illicit activities serve as a crucial financial lifeline for the nation, allowing it to navigate the challenges of international sanctions and sustain its prohibited weapons programs. The persistent evolution of DPRK hacking techniques, even in the face of law enforcement pressure, highlights the ongoing threat posed by the nation’s cyber capabilities and the need for robust cybersecurity measures on a global scale.

Reference:
  • North Korean Hackers Stole $600 Million in Crypto in 2023
Tags: CryptocurrenciesCyber NewsCyber News 2024CybersecurityJanuary 2024North Korea
ADVERTISEMENT

Related Posts

Five Healthcare Providers Warn Patients

Qilin Ransomware Claims New Victims

October 17, 2025
Five Healthcare Providers Warn Patients

Matters AI Raises 6 Million For Security

October 17, 2025
Five Healthcare Providers Warn Patients

Five Healthcare Providers Warn Patients

October 17, 2025

Capita Fined 14 Million Pounds For Breach

October 16, 2025

US Charges Executive In Crypto Scam

October 16, 2025

PowerSchool Hacker Sentenced To Four Years

October 16, 2025

Latest Alerts

Microsoft Pulls 200 Suspicious Certificates

NK Hackers Hide Malware In Blockchain

Hackers Spread Malware With Blockchain

Fortinet And Ivanti Patch Severe Flaws

Malicious VSCode Extensions Steal Crypto

Fake Password Manager Hijack PCs

Subscribe to our newsletter

    Latest Incidents

    Pro Hamas Hackers Target Airport Speakers

    Prosper Breach Hits 17 Million Accounts

    Sothebys Data Breach Exposes Customers

    F5 Reports Hackers Stole Source Code

    YouTube Down Globally With Playback Errors

    Spanish Retailer Mango Discloses Breach

    CyberMaterial Logo
    • About Us
    • Contact Us
    • Jobs
    • Legal and Privacy Policy
    • Site Map

    © 2025 | CyberMaterial | All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • Alerts
    • Incidents
    • News
    • Cyber Decoded
    • Cyber Hygiene
    • Cyber Review
    • Definitions
    • Malware
    • Cyber Tips
    • Tutorials
    • Advanced Persistent Threats
    • Threat Actors
    • Report an incident
    • Password Generator
    • About Us
    • Contact Us
    • Advertise with us

    Copyright © 2025 CyberMaterial