Despite increased hacks, North Korean hackers took less in 2023 — Chainalysis

According to the most recent report from blockchain analytics company Chainalysis, hacking groups associated with the Democratic People’s Republic of Korea (DPRK) stole less cryptocurrency in 2023 even though they increased their efforts and broadened their targets. In 2022, 15 hacking events resulted in a $1.7 billion loss of cryptocurrency due to exploits linked to North Korea. According to Chainalysis, hacking gangs stole over $1 billion worth of cryptocurrency in 2023 through 20 hacks. This indicates that even with a greater number of exploits, the hackers were unable to outperform the value of their illegal gains from the prior year.
Vice president of investigations at Chainalysis Erin Plante anticipates that North Korea-related attacks will only get more complex and varied. Plante noted that North Korean hackers diversified and targeted centralized services and wallets, since their illicit gains from decentralized finance (DeFi) protocols diminished as security upgrades occurred.
The executive went on to say that in 2023, hackers with ties to the DPRK favored social engineering and phishing. Plante referred to these attack routes as “age-old” hacking techniques that can be avoided by raising staff awareness and educating them. stated Plante.
“General security practices are an important foundation for a strong cybersecurity strategy, and organizations should ensure that every employee is vigilant and up to speed with the technical aspect of cyber defenses.”
Plante also revealed that they had observed a pattern in attacks connected to the DPRK. According to the CEO, hackers typically spend more time on networks, underscoring the necessity of heightened network security and surveillance.
Plante suggests using systems that keep an eye on on-chain activity for DeFi protocols that could be susceptible to on-chain failures. However, systems that are susceptible to off-chain threats need to depend less on centralized goods and services. In general, the executive anticipates that North Korean hackers will keep searching for chances to pilfer substantial sums of money wherever they can. “They remain an advanced adversary because of their capacity to quickly evolve when doors are closed to them.”