Last year was the worst year for a heist, with hackers stealing $3.8 billion, led by attackers linked to North Korea who netted more than ever before, a U.S. based blockchain analytics firm said in a report on Wednesday.
The report by Chainalysis found hacking activity that ebbed and flowed throughout the year, with huge spikes in March and October. The report said that October was the biggest single month for a single month for a hacking of cryptocurrencies, with $775.7 million stolen in 32 separate attacks.
The market for cryptocurrencies floundered in 2022 due to risk appetite and collapsed companies. Investors were left with large losses and regulators stepped up calls for more consumer protection.
At the time, Chainalysis and other firms confirmed to Reuters that North Korean accounts had lost millions of dollars in value.
The report said that North Korea-linked hackers such as those in the Lazarus Group stole an estimated $1.7 billion worth of in multiple attacks last year.
They shattered their own records for theft in the year 2022, it said.
North Korea has denied any of the allegations of hacking or other cyberattacks.
According to a panel of experts on the United Nations sanctions, North Korea has increasingly relied on hacking to fund its missile and nuclear weapons programmes, especially as public declared trade has dwindled under sanctions and COVID 19 lockdowns.
Chainalysis said that it isn't a stretch to say that cryptocurrencies hacking is a huge part of the nation's economy.