Crypto News – According to a TRM Labs report, North Korean hackers have stolen more than $200 million worth of cryptocurrencies this year, making up more than 20% of all cryptocurrencies that have been stolen.
According to TRM Labs Reports, North Korean Hackers Stole $200 Million Worth of Cryptocurrency
TRM Labs published a report claiming that North Korea has become a significant player in the realm of cryptocurrency theft. According to the research, North Korean hackers have stolen cryptocurrencies valued at over $200 million in 2023, making up more than 20% of all cryptocurrency that has been taken this year.
By hacking decentralized money protocols and employing mixing services, the hackers are reputed to wash their illicit riches. Wu Blockchain asserts that Sinbad is the mixing service that North Korea prefers most.
North Korean hackers use myriad techniques to launder stolen funds—from chain hopping to mixers—and then quickly cash out through accounts at exchanges that typically have lower KYC/AML controls in place. Following OFAC’s sanctioning of cryptocurrency mixing service Tornado Cash last year, TRM Labs has seen North Korea strongly favor Sinbad as the mixing service of choice.
a TRM Labs spokesperson
Hacker Activity Declined in the First Quarter of 2023
TRM Labs announced a decline in hacks in the first quarter of 2023 in May. The company blamed this on restrictions placed on the Tornado Cash Ethereum mixer in August. The US Treasury Department claimed at the time that it had put the mixer to its list of Specially Designated Nationals because criminals were using the business to launder money.
Strong cybersecurity is crucial, and TRM Labs underlines the advantages of hardware security modules for managing cryptographic keys, whitelisting addresses to restrict the transmission of funds to reliable receivers, and safe offline key and passphrase storage.
One of the compelling arguments for the DeFi community is that we all have the ability to be our own bank. A challenge that comes with that freedom is that individuals shoulder much of the responsibility of safeguarding their assets.
TRM Labs spokesperson
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