North Korea is still a threat to crypto: Chainalysis

While North Korea didn’t steal as much money last year, the number of attacks climbed


Artwork by Crystal Le


A new Chainalysis report showed that North Korea-linked hacks are on the rise, despite a decrease in the total value stolen compared to the previous year.

The report estimates that North Korea-linked attackers stole roughly $1 billion in 2023, down slightly from the all-time high of $1.7 billion in 2022. 

However, the number of hacks are on the rise. The report believes North Korea clocked its highest number of known attacks at 20.

In comparison, North Korea was linked to 15 attacks in 2022.

The majority of the billion-dollar sum comes from DeFi platforms, which saw $428 million stolen. Centralized services lost $150 million, and exchanges suffered losses of $330 million. Stolen funds from wallet providers came in at $127 million. 

Read more: North America remains crypto’s biggest and best market: Chainalysis

However, “2023 saw a notable decrease of North Korean targeting of DeFi protocols, mirroring the overall drop in DeFi hacking,” the report said

Looking at the overall landscape, 2023 saw a 54% decrease in funds stolen from 2022. Keep in mind, though, that 2022 was one for the record books, with $3.7 billion stolen. Hackers only made off with $1.7 billion last year. 

Individual hacks increased last year to 231, up from 219 in 2022. The report said that the decrease in stolen funds is linked to the drop in DeFi hacking. In total, DeFi protocols lost $1.1 billion last year, down from $3.1 billion in 2022.

Read more: The 5 biggest DeFi hacks of 2023

While on and off-chain vulnerabilities “present serious concerns” for DeFi protocols, there’s reason for “optimism” the report found.

“I do think that the increase of security measures in DeFi protocols is a key factor in the reduction in the quantity of hacks related to smart contracts vulnerabilities,” Mar Gimenez-Aguilar, lead architect at Halborn, said.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend


Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million