hacking and theft Due to the anonymity of cryptocurrency transactions, there are some disadvantages that come with the broader advantages of the cryptocurrency industry. State-sponsored North Korean hackers have stolen nearly $3 billion worth of digital currency since 2017, and about 44% of stolen cryptocurrencies in 2022 will be traced to these hackers, according to a new report.
Intelligence report reveals amount of cryptocurrency stolen by North Korean hackers.
The cryptocurrency industry has begun Getting mainstream attention In 2017, investors flocked to the nascent industry. But the influx of money and adoption also seems to attract a lot of bad actors. all recent reports Information company Recorded Future reiterated common beliefs about cryptocurrencies. North Korean hackers The industry has been targeted in recent years.
Over the years, many illegal activities have been attributed to North Korea. estimate In 2016, illicit economic activities were estimated to generate between $550 million and $1 billion in annual revenue for the country. According to a report by Recorded Future, North Korean hackers, backed by the North Korean government, turned their attention from traditional finance to cryptocurrencies around the 2017 bubble when money began flowing into the industry.
with the same syndicate Lazarus Group These hackers, who led many hacking attacks, were able to steal more than $3 billion in cryptocurrency assets. These attacks initially targeted cryptocurrency exchanges primarily in South Korea, stealing approximately $82.7 million worth of cryptocurrency at the time.
As of today, the market cap of cryptocurrencies stood at $1.45 trillion. Chart: TradingView.com
Cryptocurrency Security and Hacker Innovation
Hackers have expanded their activities over the years. The majority of revenue generated from these attacks occurred in 2022, representing approximately $1.7 billion worth of cryptocurrency. Recorded Future estimates that this amount, which is 10 times the value of the country’s exports of $182 million in 2021, or 5% of the economy and 45% of the defense budget, is likely to have been used to finance part of the country’s national defense budget. I mentioned it was high. project.
Security measures and regulations to combat cryptocurrency hacking and theft have been developed over the years. Sanctions have been imposed in the same mixer sinbad and tornado cache They are regularly hired by hackers to clean up stolen funds. At the same time, hackers have developed new ways to carry out their activities by improving gaming performance. According to blockchain Security company SlowMistMore than $30 billion has been lost to cryptocurrency hacks since 2012.
Although security measures have led to a sharp decline in cryptocurrency crime over the past few months, another intelligence report shows that North Korean hackers stole at least $180 million in the first half of 2023. Blockchain auditing firm Certik recently noted a loss of approximately $363. By November 2023, exploits, hacks, and fraud had resulted in losses of $1 million.
Combining all incidents in November, approximately $363 million was lost due to exploits, hacks, and fraud.
This makes November the costliest month of the year
Exit fraud was ~$1.1 million.
The flash loan was approximately $45.5 million.
The value of the exploit is ~$316.4 million.
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— CertiK Alert (@CertiKAlert) November 30, 2023
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