Learn Concept: The Impact and Mechanism of Cryptocurrency Thefts Linked to North Korea

By: Eliza Bennet

Understanding the scale and mechanisms of cryptocurrency thefts, specifically those attributed to North Korea-associated actors, offers significant insights to crypto users. The annual total of such pilferage has reached a whopping figure of over $3 billion. On average, hacks associated with North Korea inflict ten times the damage compared to non-associated ones. These hackers employ strategies such as phishing operations and leveraging crypto mixers for asset conversion.

Notably, the hackers have shown adaptability in response to Western imposed sanctions, diversifying in their laundering strategies and reducing dependence on prominent mixing platforms like Tornado Cash and ChipMixer. This article dissects a number of large-scale breaches, including substantial heists exploiting Ronin bridge and attacks on cryptocurrency payment services like Alphapo and CoinsPaid.

Analysing the strategies, targeting approaches, and laundering techniques of such high-scale crypto thefts will not only raise awareness among advanced crypto users but also help them devise stronger security measures and develop a critical acumen for identifying potential scams or phishing attempts.