Blockchain analytics firm TRM Labs finds that North Korean hackers have looted more than $2 billion worth of crypto in the past five years.
In a new blog post, the data company notes that the staggering total was made up of 30 different attacks on crypto projects.
Most North Korean exploits in recent years have focused on decentralized finance (DeFi), with cross-chain bridges a particular focus.
North Korean hackers have so far stolen $200 million worth of crypto, which is about a quarter of the total amount taken last year, according to TRM. This year’s figure shows that North Korean exploiters account for 20% of the total amount of crypto looted in 2023.
TRM also notes that North Korean hackers have improved their on-chain money laundering methodologies over time.
“North Korea’s early exploits — which mostly involved the direct use of cryptocurrency exchanges — now include highly complex, multi-stage money laundering processes in response to more aggressive Office of Foreign Assets Control (OFAC) sanctions, focus on law enforcement, and improved tracing capabilities. ”
The crypto analytics firm says chain-hopping is a technique hackers have used to cover their tracks in recent years.
Chain-hopping is a form of money laundering that converts one type of crypto asset into another and moves money across multiple chains, according to the US Department of Justice (DOJ).
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