North Korean Hackers Stole $600M in 2023: Report

According to a report by TRM Labs, hackers connected to North Korea have stolen at least $600 million and have been responsible for almost one third of all cyber incidents in the past year.

However, experts believe this number may increase if it is confirmed that North Korean attackers were involved in hacking the Orbit Bridge cross-chain bridge by the end of 2023.

This figure is 30% lower than the estimate for 2022, when experts at TRM Labs estimated losses of $850 million due to North Korean hackers. A UN report stated losses of $630 million, and Chainalysis reported losses of $1.7 billion.

The report noted that cyber attacks committed by North Korea were, on average, ten times more damaging than those committed by other hackers.

Experts believe that North Korean hackers use social engineering techniques to gain access to private keys and seed phrases.

They then exchange the stolen funds into USDT or Tron and convert them into physical currency through large over-the-counter brokers.