A recent report divulged crypto thefts to the tune of $200 million year-to-date, by North Korean-based hackers.
Hacks executed by North Korean attackers in 2023 were 10x larger than attacks by other actors.
Although the size of the heists in 2o23 was significantly down from the disastrous 2022 – which saw illegal outflows of a whopping $800 million – the danger was far over. The alarming research highlighted that hacks executed by North Korean attackers in 2023 were 10x larger than attacks by other actors.North Korea has existed as an international pariah ever since the bloody Korean War in the early 1950s.
“Cryptocurrencies offer a way to circumvent these traditional financial barriers because they operate on decentralized networks that don’t rely on state-backed institutions.”“With the right techniques, cybercriminals can execute attacks remotely, reducing the risk of direct physical confrontation or capture”.Over the years, decentralized finance has emerged as one of the largest and most popular Web3 verticals.
The magnitude of the theft aside, the fact that a decentralized wallet provider was hit, stunned the entire crypto ecosystem. After all, these services champion the cause of self-custody and better security when compared with exchange custody. The attack was most likely phishing or a supply chain attack considering the nature of the exploit.
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