Surge in North Korean Crypto-Related Cyberattacks, Despite 40% Decrease in Stolen Funds: Insights from Metaverse Post

The number of hacking groups linked to North Korea, such as Kimsuky and others, reached unprecedented levels in 2023, as highlighted in a report from the blockchain analytics company Chainalysis. Lazarus Group , attacking cryptocurrency This report notes that, despite an uptick in cyberattacks, the funds actually stolen fell about 40%. Over the course of the year, more than 20 notable hacks resulted in the theft of just over $1 billion in cryptocurrency, contrasted with $1.7 billion taken in 2022.

According to the report, this reduction in stolen funds reflects a broader trend within the cryptocurrency security realm, especially concerning decentralized finance (DeFi) protocols. As DeFi activities have waned, theft from these platforms dropped significantly by 64%, from $3.1 billion in 2022 to $1.1 billion in 2023. cybercriminals The declining incidence of theft in the DeFi sector can largely be linked to improved security measures adopted by DeFi applications, alongside advice from industry leaders like Microsoft and Alphabet’s Google aimed at fortifying systems against cyber threats.

Erin Plante, vice president of investigations at Chainalysis, commented, \"While we've seen some encouraging signs that seem to be curbing their ability to run off with huge sums in a single hit, the danger they present is far from over.\" decentralized finance In recent years, DeFi protocols have increasingly become prime targets for cybercriminals, mainly due to their openly available source code, making it easier for hackers to pinpoint and exploit weaknesses.

Urgent Need for Improved Surveillance in the Face of North Korean Hacker Activities

In 2023, phishing schemes and social engineering tactics have become the favored methods of attack for hackers associated with the Democratic People's Republic of Korea (DPRK). This underscores the urgent necessity for organizations to prioritize employee training and awareness about these threats. Plante emphasizes that it's crucial to keep teams informed about technical defenses against emerging cyber challenges.

"Hackers constantly monitor what is changing and evolving, looking for opportunities to exploit those developments,\" stated Joe Dobson, a principal analyst at Mandiant. \"No matter the progress made, they will find a way to turn it to their advantage.\"

To tackle the risks posed by hacking groups linked to North Korea, there is an urgent need to bolster network monitoring and enforce stringent security protocols. Given the hackers' tendency to remain undetected within systems, platforms must make it a priority to implement robust on-chain activity monitoring and minimize their reliance on centralized solutions.

Despite the reduced illicit earnings, the tenacity and adaptability shown by North Korean cybercrime groups highlight the ongoing threat they represent to the ecosystem. cybersecurity Please be advised that the content found on this page is provided solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. It’s crucial to only invest what you can afford to lose and to seek independent financial advice if you have uncertainties. For more information, we recommend checking the terms and conditions along with the help and support sections provided by the issuer or advertiser. MetaversePost strives for accurate and unbiased reporting, yet market conditions may change without prior notice.

Kumar is a seasoned Tech Journalist specializing in the fast-evolving spheres of AI/ML, marketing tech, and cutting-edge domains like crypto, blockchain, and NFTs. With over three years of industry experience, Kumar has built a solid reputation for weaving compelling stories, conducting engaging interviews, and offering in-depth analysis. Kumar excels in producing impactful content, including articles, reports, and research documents for leading industry outlets. Combining technical insight with storytelling prowess, Kumar effectively communicates complex technology concepts in an accessible and engaging way to a diverse readership.

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