Blockchain analytics firm TRM Labs claimed that threat actors associated with the Democratic People’s Republic of Korea were responsible for stealing over $600 million of cryptocurrency in 2023. The firm also noted that additional operations in December could inflate this figure to over $700 million in stolen funds. DPRK state-sponsored threat actors typically employ social engineering techniques to convince targets to relinquish private keys and seed phrases. After gaining access to digital wallets, the threat actors transfer stolen funds to their own wallets and swap the cryptocurrency for Tether (USDT) or Tron. DPRK hackers typically use high-volume over-the-counter brokers and money laundering tools to cover their tracks and convert stolen crypto to hard currency. TRM Labs noted that cryptocurrency theft is likely one of the driving financial forces behind the DPRK’s weapons of mass destruction and ballistic missile programs.

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