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Report Says $1 Billion Lost To Scams Linked To North-Korean Hackers

A new report by a blockchain analytics firm, ‘Chainalysis’ says that about $1bn worth of cryptocurrency has been stolen by scammers suspected to be linked to North Korea.

These scams, the report said we’re carried out on Blockchain bridges and other DeFi protocols.

Overall, the report said that about $2bn worth of cryptocurrency has been stolen from 13 different cross-chain bridge hacks.

According to the report, these scams amount to 69 percent of the total funds stolen in 2022 so far.

“As more value flows through cross-chain bridges, they become more attractive victims for hackers. Even more troubling is that bridges are now a top target for North Korean-linked hackers, who — according to our estimates — have stolen approximately $1bn worth of cryptocurrency so far this year, entirely from bridges and other DeFi protocols.

“For perspective, South Korea’s government-run statistical agency estimates the country earned $89m from official exports in 2020. The good news is that these services can take steps to protect themselves. And in the event of a hack, they can leverage the transparency of blockchain technology to investigate the flow of funds and ideally prevent attackers from cashing out their ill-gotten gains.” the report said.

The report, therefore, warned that such criminalities could lead to a lack of trust in blockchain technology.

 

 

 

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