Crypto
North Korean-Linked Hackers Are Targeting Crypto Platforms More But Stealing Less
The number of North Korean-linked hacks of cryptocurrency platforms rose to a record high in 2023, though the actual amount of funds stolen dropped around 40%, a report Wednesday from blockchain analysis firm Chainalysis Inc. showed.
In a series of 20 hacks throughout the year, cybercriminals linked to the Democratic People’s Republic of Korea siphoned slightly more than $1 billion worth of cryptocurrency, compared to $1.7 billion in 2022. North Korean hackers often target cryptocurrency to raise money as a way around international sanctions, according to US officials.
The drop in funds stolen by North Korean hackers mirrors a larger trend in the cryptocurrency security landscape: an overall decline in hacks of the once-lucrative decentralized finance, or DeFi, protocols. In 2023, the total amount stolen from DeFi protocols was $1.1 billion, a 64% decrease from the $3.1 billion pilfered in 2022, according to Chainalysis.
“There have been some positive aspects that have started to slow their success in making off with hundreds of millions of dollars in one attack,” said Erin Plante, vice president of investigations at Chainalysis. “But the threat’s not going away by any means.”
Over the past few years, DeFi protocols have been increasingly targeted by hackers because their source code is freely available online, allowing criminals to more easily find bugs to exploit.
Better security practices, coupled with an overall decrease in DeFi activity, were most likely behind the decline in funds stolen in 2023, Chainalysis said. More DeFi applications are improving their code auditing and receiving guidance from companies like Microsoft Corp. and Alphabet Inc.’s Google on how to strengthen their networks, according to Plante.
As cryptocurrency platforms fortify their networks, North Korean hackers are racing to keep up by employing more diverse and sophisticated tactics, Plante said. More criminals are waiting patiently for an opportunity to strike by accessing networks undetected and sometimes gathering intelligence for months.
“They look at what’s changing, what’s evolving, and how they can use that malicious intent,” said Joe Dobson, principal analyst at the cybersecurity firm Mandiant. “Whatever the advancement is, they’re going to find a way to take advantage of it.”
In one stealthy hack this past June, TraderTraitor, a group with ties to North Korea, swiped around $129 million from thousands of users on cryptocurrency wallet service Atomic Wallet, according to Chainalysis. The group worked by chain-hopping, moving between different cryptocurrencies quickly to avoid being traced. They went on to hit two other crypto payment platforms, Alphapo and CoinsPaid, later that month, according to the report. Atomic Wallet said in a statement at the time that less than .1% of app users had been affected.
Investor behavior in the volatile cryptocurrency markets could be another underlying reason North Korean-linked hackers are stealing less. Fueled by the collapse of FTX Trading Ltd. and the vulnerability of these companies to large hacks, investors may be diversifying their currency among many platforms to avoid risk, according to Allan Liska, senior intelligence analyst at cybersecurity firm Recorded Future Inc. This means cryptocurrency exchanges may have a smaller pool of funds for hackers to steal.
“There’s less trust in many of the traditional big exchanges than there used to be,” Liska said.
Photo: Photographer: Paul Yeung/Bloomberg
Copyright 2024 Bloomberg.
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Crypto
FBI Seizes Over $8 Billion In Cryptocurrency As Part Of The Largest Forfeiture In US Government History
The FBI seized over $8 billion in cryptocurrency, freed nearly 2,000 trafficked workers, and arrested nearly 300 people in a recent international operation.
As part of the operation, authorities shut down several “scam compounds” and crime organizations, including groups known as the Prince Group in Cambodia, Operation Sand Dollar in Dubai, and the Democratic Karen Benevolent Army in Myanmar.
“Scam compounds are modern-day criminal enterprises built to steal from Americans, launder money, and exploit trafficked workers,” FBI director Kash Patel wrote on X announcing the results of the operation.
Fox News reports that the U.S. The Democratic Karen Benevolent Army, an armed militia named after a region in Myanmar that is allegedly connected to the Chinese mob, faces sanctions imposed by the U.S. Treasury. The government has classified it as a transnational criminal organization.
Images from an operation in Thailand reveal that the FBI confiscated office supplies and thousands of smartphones.
The FBI in Dubai will extradite six of the 275 individuals they and local police detained there to the United States to face federal charges, according to the FBI. The authorities raided nine “scam compounds” in Dubai, each allegedly generating $6 million in fraud proceeds annually.
Cryptocurrency scams in the US reached a record high in 2025
In April, an FBI report revealed that cryptocurrency scams in the U.S. reached a record high in 2025, with reported losses of almost $11.4 billion. According to the FBI, cyber-enabled crimes defrauded Americans of almost $21 billion in 2025, with the costliest complaints involving cryptocurrency and artificial intelligence (AI).
“The FBI’s 2025 Internet Crime Complaint Report highlights the ever-evolving tactics of internet scammers,” the FBI’s Baltimore office wrote on X. “From fake social media profiles to voice cloning and AI-generated content, cyber criminals are evolving.”
The Internet Crime Complaint Center (IC3) received over one million complaints in 2025, up from 859,532 in 2024. The most common complaints were about investment schemes, extortion, and phishing/spoofing.
Key Takeaways
- U.S. strikes in Iran and IRGC retaliation in Kuwait threatened Qatar peace talks on Thursday.
- Bitcoin fell 3.6% to $72,622, wiping out $870 million in total long positions over 24 hours.
- The escalation will likely torpedo future diplomacy and embolden anti-settlement hardliners.
Geopolitical Escalation Triggers Crypto Sell-off
Bitcoin plunged below $73,000 early Thursday following reports of fresh U.S. military strikes inside Iran. Market data shows bitcoin tumbled to a multi-week low of $72,622—its lowest level since April 13—before staging a modest recovery back to $73,000. This downturn continues a weekly bearish trend, contrasting sharply with broader global markets that had previously rallied on optimism for a permanent peace agreement between the U.S. and Iran.
The sharp decline pushed bitcoin’s daily losses to 3.6%, dragging its market capitalization down to $1.46 trillion and pulling the aggregate crypto market cap below the $2.6 trillion threshold. Since May 25, when bitcoin last attempted to test the $78,000 resistance level, the asset has shed over 6% of its value. Despite kicking off May on an upward trajectory, this latest price action positions the cryptocurrency to close the month in the red.
Retaliatory Strikes Threaten Peace Talks
According to reports, the latest U.S. military strikes targeted a strategic site in the Iranian port city of Bandar Abbas. In retaliation, Iran’s Islamic Revolutionary Guard Corps (IRGC) reportedly launched strikes against a U.S. military base in Kuwait, where local authorities confirmed that air defense systems engaged incoming missiles and drones.
This escalation comes just days after the U.S. military struck Iranian naval vessels and an alleged missile launch site in Bandar Abbas, citing self-defense. Iranian forces responded at the time by downing U.S. drones. Notably, these hostilities unfolded while U.S. and Iranian negotiators were actively convening in Qatar to finalize a peace agreement. While the Trump administration initially downplayed the earlier friction to keep diplomatic channels open, this latest exchange will likely torpedo the talks and embolden hardliners on both sides who oppose a negotiated settlement.
Meanwhile, the decline in bitcoin and the broader cryptocurrency market resulted in the liquidation of more than $930 million in leveraged positions. Coinglass data showed that liquidations on bitcoin alone topped $366 million, with wiped-out long bets accounting for $348 million of that total. Overall, the market saw $870 million in long positions wiped out over 24 hours.
Bitcoin Slips to $74,530 as Long Traders Face $106M Wipeout
Bitcoin trended downward on Wednesday, dropping beneath the $75,000 threshold to trade at $74,570 at the time of writing. This…
Bitcoin Slips to $74,530 as Long Traders Face $106M Wipeout
Bitcoin trended downward on Wednesday, dropping beneath the $75,000 threshold to trade at $74,570 at the time of writing. This…
Bitcoin Slips to $74,530 as Long Traders Face $106M Wipeout
Bitcoin trended downward on Wednesday, dropping beneath the $75,000 threshold to trade at $74,570 at the time of writing. This…
HOLYOKE, Mass. (WWLP) – The Holyoke Police Department recently prevented a resident from falling victim to a Bitcoin scam and is urging community members to remain cautious of cryptocurrency fraud.
Holyoke Police Chief Brian Keenan stated that this recent scam involved a caller stating over the phone that the person had an active arrest warrant for missing jury duty. The scammer claimed that if the victim owed $6,000 or they would be at risk of arrest.
The victim was then instructed to withdraw money from a bank and take it to a local Bitcoin kiosk to deposit it. After depositing some money, the victim realized they were being scammed and called the Holyoke Police Department.
Detective James Parnell assisted the resident and canceled the transaction before it closed out. The victim is expected to receive a refund from the kiosk operator. In most cases involving these types of transactions, the money cannot be recovered, as it can be processed within minutes.
Holyoke Police say that these types of Bitcoin scams have defrauded western Massachusetts residents of more than $2 million in the past two to three years. If you receive a phone call claiming you owe money and must deposit cash into a Bitcoin kiosk, you are urged to immediately hang up.
Local News Headlines
WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Download the 22News Plus app on your TV to watch live-streaming newscasts and video on demand.
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