North Korea-linked hackers stole nearly $430 million from decentralized finance and also targeted centralized services, exchanges, and wallet providers in 2023. Chainalysis, a blockchain forensic firm, says North Korea-affiliated hacking groups hit record in terms of attempted attacks against decentralized finance (defi) as well as centralized platforms like exchanges in 2023. According to the firm’s latest report, hacking groups Kimsuky and Lazarus Group have deployed 20 successful attacks against various platforms, netting around $1 billion worth of crypto in 2023, a 41.7% decrease in terms of stolen money compared to 2022. While the hacking groups made approximately $428.8 million by attacking defi protocols, centralized services also fell victim, resulting in a loss of $150 million. Exchanges were not spared either, with a staggering $330.9 million stolen, while wallet providers suffered losses totaling $127 million. In total, 2023 witnessed a substantial 54.3% decrease, with stolen funds amounting to $1.7 billion from $3.1 billion in 2022, Chainalysis says. Analysts attribute this decline mainly to a decrease in defi hacking, which served as the primary catalyst for the substantial increases in crypto theft observed in 2021 and 2022. In 2023, hackers managed to pilfer only $1.1 billion from smart contracts, indicating a noticeable 63.7% year-over-year decrease in the total value stolen from decentralized finance, as outlined by Chainalysis.
Full report : North Korean state-sponsored hackers stole nearly half a billion from Web3 hacks in 2023.
OODA has been compiling a comprehensive Web3 incident database based on our research to categorize what compromises are taking place as well as document the root causes that plague Cryptos, DeFi, NFTs, and Web3 in general since Web3 took off. Tracking root causes provides comprehensive insights into how innovators can create robust cyber risk management approaches and reduce the potential for consequential attacks. You can access the OODA comprehensive Crypto Incident tracker here.
