The crypto market is gaining ground in the fight against North Korea

A report from Chainalysis claims that North Korean hackers stole significantly less crypto in 2023 compared to previous years. The research points to a notable 50% drop in stolen digital assets, which is a positive development given the ongoing concerns about crypto crime.

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Significant decline in crypto crime

According to the report, hacker groups with ties to the Democratic People's Republic of Korea (DPRK) committed fewer crypto crimes in 2023 than in previous years. Chainalysis, a blockchain analytics company, reveals that North Korean hackers stole up to $1.7 billion in 15 hacking incidents in 2022.

Chainalysis estimates that the hacker groups stole about $1 billion worth of cryptocurrencies in 2023. The North Koreans did this in not fifteen, but twenty hacker attacks. This shows that despite further exploits, the hackers were unable to exceed the value of their illegal profits compared to the previous year.

These insights are based on extensive analysis of blockchain activity and transaction data. The data shows a convincing trend in which, using the year 2023 as an example, fewer and fewer illegal crypto transactions are taking place.

Crypto security is a constantly evolving process

Erin Plante, vice president of research at Chainalysis, believes that North Korea-related hacking attacks are becoming increasingly sophisticated and diverse. Plante explains that hackers will now focus their activities more on centralized services and wallets. This is because the decentralized finance (DeFi) wallets, where hackers have made the most of their prey, are increasingly adopting better security measures.

According to Plante, phishing and social media scams are the easiest targets. The manager describes these attacks as “old” hacking tactics that can be easily prevented through education and awareness among employees.

General security practices are an important foundation for a strong cybersecurity strategy, and companies must ensure that every employee is vigilant and knowledgeable about the technical aspects of cyber defense,” explains Plante.

Plante adds that hackers may need more time on a network to prepare a hack. This would highlight the need for improved monitoring of networks and security.

In any case, the Vice President assumes that North Korean hackers will continue to do so. In their opinion, there are always new alternatives to steal assets.

“Their ability to evolve quickly, even when doors are closed to them, continues to make them advanced opponents,” concludes Plante.

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