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North Korean hackers show no mercy in 2023, pull off these crypto heists

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The burgeoning crypto industry remained vulnerable to the nefarious designs of North Korean-linked hackers in 2023 according to a recent report. The investigation was carried out by blockchain fraud detection company TRM Labs. The organization divulged thefts to the tune of $200 million year-to-date, by malicious players sitting in the East Asian nation.

Although the size of the heists in 2o23 was significantly down from the disastrous 2022 – which saw illegal outflows of a whopping $800 million – the danger was far over. The alarming research highlighted that hacks executed by North Korean attackers in 2023 were 10x larger than attacks by other actors.

Source: TRM Labs

North Korea has existed as an international pariah ever since the bloody Korean War in the early 1950s. Due to its possession of weapons of mass destruction and alleged support to terrorist groups, the country has been at the receiving end of punishing economic sanctions by the West.

These tight restrictions have effectively blocked the doors to the global financial system for the country’s young and unemployed. As a result, many of them seek refuge in the anonymous world of cryptos.

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Ningshuang Li, a China-based crypto educator and co-founder of crypto content platform CoinDada, told AMBCrypto,

“Cryptocurrencies offer a way to circumvent these traditional financial barriers because they operate on decentralized networks that don’t rely on state-backed institutions.”

Moreover, this also ends up being a low-risk, high-reward scenario for them. Li further added,

“With the right techniques, cybercriminals can execute attacks remotely, reducing the risk of direct physical confrontation or capture”.

Over the years, decentralized finance (DeFi) has emerged as one of the largest and most popular Web3 verticals. Hosting tons of liquidity, to be precise, nearly $63 billion as per DeFiLlama, this growing ecosystem has remained on the radar of North Korean attackers.

These unscrupulous players have stolen millions by exploiting vulnerabilities on cross-chain bridges, considered a big chink in DeFi’s armor. In fact, as per reports, cross-bridge hacks were responsible for the entire theft amount in 2022.

The report highlighted how the North Korean hacking ecosystem has been up to the task of growing sanctions, better law enforcement, and improved tracing abilities. Additionally, the latest thefts involve the use of more sophisticated laundering processes as compared to earlier thefts involving the direct use of cryptocurrency exchanges. The recent Atomic Wallet hack was one of them.

In June earlier this year, North Korean hackers drained out cryptos worth $100 million from the non-custodial Atomic Wallet. The notorious North Korean state-backed Lazarus Group may have been behind the hack.

The magnitude of the theft aside, the fact that a decentralized wallet provider was hit, stunned the entire crypto ecosystem. After all, these services champion the cause of self-custody and better security when compared with exchange custody. The attack was most likely phishing or a supply chain attack considering the nature of the exploit.

More recently, Lazarus group hackers intruded on an American IT company JumpCloud and exploited its capabilities to target cryptocurrency companies, as per a report by Reuters.

The growing menace of North Korean-linked crypto hacks was one of the main concerns which led the U.S. Senate to introduce a bill to regulate DeFi. The excerpts from the bill read,

“Criminals, drug traffickers, and hostile state actors such as North Korea have all demonstrated a propensity for using (DeFi) as a preferred method of transferring and laundering ill-gotten gains.”

The vulnerabilities of the DeFi landscape have not been lost on anyone. As per DeFiLlama, $6.89 billion of crypto assets have been siphoned out until the time of publication. In fact, the last month of July was the worst in 2023, recording thefts worth $238 million.

Source: DeFiLlama

Lior Lamesh, co-Founder and CEO of institutional self-custody platform GK8. said that like other businesses, the return of investment drives bad actors to commit these crimes.

“Hackers will spend millions to get their hands on billions. When it comes to irreversible protocols such as blockchain, if assets are stolen, there is no way back, so stealing crypto becomes an appealing target for hackers.”

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  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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