North Korea’s cyberattacks on cryptocurrency platforms continues to soar

According to Chainalysis’ latest report, there was an unprecedented surge in cyberattacks by North Korea-affiliated hackers on numerous cryptocurrency platforms in 2023. The data from the time period 2016 to 2023 revealed that North Korea targeted and breached 20 cryptocurrency platforms last year. This marked the highest number of attacks for the country within that time frame.

Touted as the world’s most prolific cyber-thief, these cyberattacks conducted by North Korea-affiliated hackers have resulted in the theft of over $1 billion worth of cryptocurrency assets in the past year alone, a figure lower than its record of $1.7 billion stolen in 2022.

It has been alleged that hackers affiliated with North Korea stole cryptocurrency totaling hundreds of millions, to finance their nuclear weapons programs. Since conducting its initial nuclear test in 2006, North Korea has faced multiple United Nations sanctions aimed at restricting the regime’s financial resources necessary for sustaining its nuclear programs.

Chainalysis is the company for blockchain analysis that provide data, software, services, and research to government agencies and largest financial, and cybersecurity companies in over 70 countries