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North Korea set new record by number of crypto hacks in 2023, data shows

north-korea-set-new-record-by-number-of-crypto-hacks-in-2023-data-shows
Edited by
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North Korea set new record by number of crypto hacks in 2023, data shows

North Korea-linked hackers stole nearly $430 million from decentralized finance and also targeted centralized services, exchanges, and wallet providers in 2023.

Chainalysis, a blockchain forensic firm, says North Korea-affiliated hacking groups hit record in terms of attempted attacks against decentralized finance (defi) as well as centralized platforms like exchanges in 2023.

According to the firm’s latest report, hacking groups Kimsuky and Lazarus Group have deployed 20 successful attacks against various platforms, netting around $1 billion worth of crypto in 2023, a 41.7% decrease in terms of stolen money compared to 2022.

North Korea set new record by number of crypto hacks in 2023, data shows - 1
Value stolen by DPRK-linked hacking groups | Source: Chainalysis

While the hacking groups made approximately $428.8 million by attacking defi protocols, centralized services also fell victim, resulting in a loss of $150 million. Exchanges were not spared either, with a staggering $330.9 million stolen, while wallet providers suffered losses totaling $127 million.

North Korea set new record by number of crypto hacks in 2023, data shows - 2
Yearly total value stolen in crypto hacks | Source: Chainalysis

In total, 2023 witnessed a substantial 54.3% decrease, with stolen funds amounting to $1.7 billion from $3.1 billion in 2022, Chainalysis says.

Analysts attribute this decline mainly to a decrease in defi hacking, which served as the primary catalyst for the substantial increases in crypto theft observed in 2021 and 2022. In 2023, hackers managed to pilfer only $1.1 billion from smart contracts, indicating a noticeable 63.7% year-over-year decrease in the total value stolen from decentralized finance, as outlined by Chainalysis.

Beyond just stolen funds, crypto.news previously reported that the decline extends to the overall value received through illicit crypto activities. In 2023, the sum received by illicit crypto operations amounted to $24.2 billion, reflecting a nearly 39% decrease compared to the 2022 losses, which totaled $39.6 billion.

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