North Korean hackers stole less in 2023 despite more breaches – Chainalysis
Hacking groups linked to the Democratic Republic of Korea (DPRK) have increased their efforts and stolen less crypto in 2023, despite varying their targets, according to a recent report released by blockchain analytics firm Chinalysis.
In the year In 2022, crypto lost in North Korea-related exploits reached $1.7 billion in 15 hacking incidents. In the year By 2023, Chainalysis estimates that hacking groups will have stolen roughly $1 billion worth of crypto from 20 hacks. This shows that despite their many exploits, hackers have not been able to exceed the value of their illegal gains over the past year.
Erin Plan, vice president of investigations at Chinalysis, expects North Korea-related hacking to become more sophisticated and varied. As abuse of decentralized finance (DeFi) protocols has decreased due to security improvements, North Korean hackers are increasingly targeting centralized services and wallets, Plant explained.
The executive said that by 2023, DPRK-linked hackers would prefer phishing and social engineering. Plan describes these attack vectors as “age-old” hacking methods that can be prevented through employee education and awareness. Plan said:
“Comprehensive security practices are an important foundation for a strong cybersecurity strategy, and organizations must ensure that every employee is proactive and up to speed on the technical aspects of cyber defense.”
Plant shared that they have noticed a pattern in DPRK-related attacks. The executive stated that the hackers spend a lot of time in the network and indicated the need to increase network control and security.
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According to Plant, DeFi protocols that are prone to on-chain failures must use systems that monitor on-chain activity. On the other hand, platforms that are vulnerable to off-chain risks should reduce their reliance on centralized products and services.
Overall, the executive expects North Korean hackers to continue looking for opportunities to steal valuable funds wherever they can. Their ability to evolve quickly when doors close on them makes them a formidable foe.
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