1. #blockchain analytics firm TRM Labs reports that North Korean #hackers have stolen over $2 billion worth of cryptocurrency in the last five years through 30 different attacks on various crypto projects.
2. The majority of these attacks have been focused on #decentralized #finance (DeFi), with a particular emphasis on exploiting cross-chain bridges.
3. In the current year, North Korean hackers have #stolen around $200 million worth of crypto, which constitutes about one-quarter of the total amount taken in the previous year. This makes up approximately 20% of the total crypto stolen in 2023.
4. TRM Labs highlights that North Korean hackers have evolved their on-chain laundering techniques to become more sophisticated over time, employing complex multi-stage money laundering processes to evade sanctions, law enforcement scrutiny, and improved tracing capabilities.
5. The analytics firm points out that hackers have been using a technique called "chain-hopping" to cover their tracks. Chain-hopping involves converting one type of cryptocurrency into another and transferring funds across multiple blockchain networks to obscure their origin.
6. This increase in hacking activity, particularly in the DeFi space, showcases the ongoing challenges in cybersecurity within the cryptocurrency industry and the need for continued vigilance against cyber threats.
