North Korean hackers increased their cyber attacks on cryptocurrency platforms to a record 20 incidents in 2023.

Despite an increase in attacks, the total value of funds stolen decreased by 40% compared to 2022 due to improvements in crypto security.

Hackers have adapted their strategies, targeting digital wallet vulnerabilities and using phishing and social engineering tactics.

Despite sanctions, North Korea continues to use cyber attacks as alternative money laundering tools.

To combat these threats, robust cybersecurity strategies, education and awareness, up-to-date technical defenses, and heightened network monitoring are crucial.

Notable hacks in 2023 targeted Euler Finance, Mixin Network, Poloniex Exchange, HTX, Curve Finance, CoinEx, and Kyber Network.

In total, hackers netted around $1 billion worth of cryptocurrency, with DeFi protocols and centralized services and exchanges suffering significant losses.

The overall decrease in stolen funds is attributed to a decline in DeFi hacking, with stolen funds amounting to $1.7 billion in 2023, down 54.3% from $3.1 billion in 2022.