North Korean Hackers Steal $2B in Crypto Using Chain-Hopping
• North Korean hackers have looted more than $2 billion worth of crypto in the past five years, according to blockchain analytics firm TRM Labs.
• The majority of North Korean exploits in recent years have focused on decentralized finance (DeFi) and cross-chain bridges.
• The crypto analytics firm notes that chain-hopping is a technique hackers have been using to cover their tracks in the past few years.
North Korean Hackers Looted $2 Billion in Crypto
Blockchain analytics firm TRM Labs has found that North Korean hackers have looted more than $2 billion worth of crypto in the past five years through 30 different attacks on crypto projects.
Focus on DeFi and Cross Chain Bridges
The majority of North Korean exploits in recent years have focused on decentralized finance (DeFi) and cross-chain bridges, with approximately $200 million stolen year to date – making up about one-quarter of the total amount taken last year.
Chain Hopping Money Laundering Methodology
TRM Labs also notes that North Korea’s money laundering processes have become increasingly complex over time, with chain hoppping being used as a form of money laundering where funds are moved across multiple chains. This is done as a response to OFAC sanctions, law enforcement focus and improved tracing capabilities.
DOJ Warns Against Chain Hopping
The U.S Department of Justice (DOJ) has warned against chain hopping as a way for criminals to cover their tracks due to its increased complexity and difficulty for tracing funds back to its original source.
Conclusion
In conclusion, it is clear that North Korea’s hacking activity within the crypto space shows no signs of slowing down anytime soon, with an estimated $200 million worth of crypto having already been stolen this year alone – showing just how successful these cybercriminals are at exploiting vulnerable systems for financial gain.
