A record $3.8 billion worth of cryptocurrency was stolen from various services last year, a new report says
The increase in crypto heists, from $3.3 billion in 2021, came as the overall market for cryptocurrencies suffered significant declines. The value of Bitcoin, for example, fell by more than 60% last year. North Korea was a key driver for the surge in thefts, according to the report. Hackers linked to the country stole an estimated $1.7 billion worth of crytopcurrency through various hacks in 2022, up from $429 million in the prior year, Chainalysis said.
In addition to hacking cryptocurrency firms, suspected North Koreans have posed as other nationalities to apply for work at such firms and send money back to Pyongyang, US agencies have publicly warned. In general, decentralized finance protocols were the main target of hackers, accounting for more than 80% of all cryptocurrency stolen for the year, according to the report.
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