TRM Labs Says North Korea-linked Hackers Stole $600M in Crypto Last Year

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Cybercriminals from North Korea have been targeting and hacking into cryptocurrency wallets, resulting in large losses for token holders in South Korea.

A report by TRM Labs in August revealed that these hackers have stolen over $2 billion worth of digital currencies since 2018.

The latest study by TRM Labs shows that in 2023, virtual currencies worth approximately $600 million were mined by North Korean hackers.

This accounts for approximately 33% of all digital currencies stolen last year. The researchers noted that these hackers are constantly updating their malware to evade law enforcement. Tether (USDT) and Tron (TRX) are among the most popular virtual currencies targeted.

The US Treasury has taken measures such as imposing sanctions on hacker groups from North Korea, including Lazarus. Investigations by American law enforcement have also revealed the use of crypto-mixers Tornado Cash and Sinbad by North Korean cybercriminals.

TRM Labs also highlighted other methods used by North Korea to launder stolen digital currencies, including through Bitcoin exchanges.