North Korean hackers have stolen almost $1 billion worth of crypto from DeFi protocols, according to a report by Interesting Engineering.

DeFi protocols are decentralized finance (DeFi) protocols made up of specialized autonomous computer programs created to address problems within the traditional financial sector. They would enable bitcoin commerce between protocols, facilitating the payment of products and services in cryptocurrency.

north korean hackers steal nearly $1 billion worth of crypto from defi protocols
(Photo : JUSTIN TALLIS/AFP via Getty Images)
An illustration picture taken in London on May 8, 2022, shows a gold plated souvenir cryptocurrency Tether (USDT) coin arranged beside a screen displaying US dollar notes. – Tether (USDT) is an Ethereum token known as a stablecoin that is pegged to the value of the US dollar, and is currently the largest stablecoin with a market value of USD 83 billion dollars.

North Korea’s Crypto Heist

As was demonstrated in 2022, these protocols are susceptible to attacks, especially in cross-chain bridges. The data for 2022 has been released by TradingPlatform.com, revealing that while North Korea is responsible for about 1 billion worth of cryptocurrency in 2022 alone, some thefts have also been carried out by highly competent hacker outfits like the Lazarus Group.

There have been numerous attacks on DeFi platforms, according to analyst Edith Reads of TradingPlatform.com. The attacks are expertly planned and executed. To combat this, various participants in the crypto realm have put mechanisms in place.

“More than $30 million in stolen crypto has been recovered from North Korean hackers, which gives hope. It is a win for the crypto enthusiast. It will boost confidence among crypto investors and even attract those with reservations about crypto security,” Reads said in a statement.

Despite the overall decline in the value of digital assets, one of the more concerning aspects is that cryptocurrency crime appears to be expanding.

Legal transactions decreased by about 35%, while illegitimate transactions decreased by 15%, according to TradingPlatforms.com.

In March 2022, hackers stole almost $600 million from the Ronin bridge of Axie Infinity, and three months ago-the Horizon bridge of harmony lost more than $100 million.

It must be acknowledged that while there has been a considerable decline in criminal activity in the cryptocurrency area, hackers continue to pose a significant concern. The $1.6 billion in crypto that North Korea took through cybercrime was 66% less than the $4.3 billion stolen in 2021.

The 43% decline in revenue on darknet marketplaces this year was also a result of the Hydra marketplace crackdown in April, as noted by Interesting Engineering.

Crypto Winter

Crypto winter, a period when values and activity in the crypto markets diminish, typically during the winter months, may be to blame for the varied dips in criminal activity in cryptocurrency.

According to two South Korean government sources that talked to Reuters in June, North Korea’s alleged stolen funds are compromised by the sudden drop in cryptocurrency values, which began in May due to a larger economic downturn.

It happened at a time when North Korea is preparing to resume nuclear testing while conducting a huge number of missile launches that, according to Seoul’s Korea Institute for Defense Analyses, have cost more than $620 million this year.

North Korea is believed to spend roughly $640 million annually on its nuclear weapons, according to a report by the Geneva-based International Campaign to Abolish Nuclear Weapons. The central bank of South Korea also predicted that the nation’s GDP would be about $27.4 billion in 2020.

Written by Joaquin Victor Tacla

Keyword: North Korean Hackers Steal Nearly $1 Billion Worth of Crypto From DeFi Protocols

TECH'S NEWS RELATED

Meta Permanently Bans Pornhub's Instagram Account After a Week-Long Suspension

Pornhub’s Response Suspension Before Ban Mastercard and Visa’s Relationship Meta has permanently disabled Pornhub’s official Instagram account after violating community guidelines, TechCrunch reported. The action was done after weeks of suspension. (Photo : KIRILL KUDRYAVTSEV/AFP via Getty Images)This photograph taken on October 28, 2021 shows the META logo on a ...

View more: Meta Permanently Bans Pornhub's Instagram Account After a Week-Long Suspension

Top 5 Best Continuous Delivery Software in 2022

What Is Continuous Delivery? What Does the Continuous Delivery Pipeline Enable? Best Continuous Delivery Software Key Features Key Features and Benefits Key Features and Benefits Key Features and Benefits Key Features and Benefits (Photo : Austin Distel / Unsplash) A continuous delivery pipeline can help your business release a ...

View more: Top 5 Best Continuous Delivery Software in 2022

TikTok Removes 113 Million Videos for Violating Policies as per the Company's Quarterly Report

Harmful Misinformation U.S. Elections Preparations A transparency report from TikTok was released today, and it indicates that 113 million videos have been removed in just three months, as reported by The Verge. (Photo : Sean Gallup/Getty Images)BERLIN, GERMANY – SEPTEMBER 21: A bicyclist rides past an advertisement for social ...

View more: TikTok Removes 113 Million Videos for Violating Policies as per the Company's Quarterly Report

New Google Search features help you ask the right questions

New Google features include shopping insights, neighbourhood vibes, advancements to translate with lens and more

View more: New Google Search features help you ask the right questions

New Standalone Apple Classical Music App to Arrive! Estimated Launch Date, Features, and More

New Standalone Apple Classical Music App to Arrive! Other Things to Expect From Apple A new standalone Apple classical music app is expected to arrive. (Photo : Photo by THOMAS SAMSON/AFP via Getty Images)A picture taken on February 8, 2019 in Paris shows a smartphone and its earphones as ...

View more: New Standalone Apple Classical Music App to Arrive! Estimated Launch Date, Features, and More

Critical WhatsApp Security Bug Fixed: Android Phone Data Remains at Risk?

WhatsApp Vulnerability CVE-2022-36934 Gained a Severity Rating of 9.8 Out of 10 Malwarebytes Released a Technical Analysis of the Vulnerability WhatsApp Spokesperson Says that There is No Evidence of Exploitation Recent Vulnerability had Similarities with Another 2019 Vulnerability How the Previous Vulnerability, CVE-2022-27492, Worked Details of a “critical”-related security ...

View more: Critical WhatsApp Security Bug Fixed: Android Phone Data Remains at Risk?

Feeling Overwhelmed by Web Data? Here Are the Top 5 Best Managed Data Extraction Services of 2022

What Is the Purpose of Data Acquisition? What Are the Examples of Data Extraction? What Does Extracting Service Provide? Key Features Key Features and Benefits Key Features and Benefits Key Features and Benefits #5 Group BWT Key Features and Benefits Is Data Extraction Easy? (Photo : @anniespratt / Unsplash) ...

View more: Feeling Overwhelmed by Web Data? Here Are the Top 5 Best Managed Data Extraction Services of 2022

Apple News Users Receives Racist Notifications After Hackers Accessed Fast Company News

Hack Execution Apple’s Action Fast Company’s Response Push notification from Apple News was received by its users that contained offensive and racist language, as reported by 9To5Mac. (Photo : Michael Short/Getty Images) CUPERTINO, CA – MARCH 25: Apple Inc. CEO Tim Cook speaks during a company product launch event ...

View more: Apple News Users Receives Racist Notifications After Hackers Accessed Fast Company News

Apple expands Stage Manager to older iPads in latest iPadOS 16 beta

Dating Apps Flourish in China Despite Restrictions—Here's Why Chinese Government Allows Them

Walmart releases two metaverse experiences in Roblox

iOS 16 causes issues with Cinematic Mode videos in Final Cut Pro, iMovie

This AI Aims to Prevent the Death of Endangered Whales From Ship Collisions

Netflix Opens Internal Game Studio in Finland — Original Games with No Ads and No In-App Purchases

Instagram Rolls Out Tests for Home Feed, Replaces Shopping Tab

WhatsApp Call Link: Join Contacts in a Single Tap—Similar to Google Meet, Zoom?

UK Warns TikTok with a $29 Million Fine for Failing to Protect Child Privacy

Meta Tests New Profile Switching Tool: Access, Create, Navigate More Facebook, Instagram Accounts

The Simpsons’ latest couch gag is an homage to Google Chrome’s Dinosaur Game

Warner Bros. and The Rock inviting fans to ‘exclusive’ Black Adam event in Toronto

OTHER TECH NEWS

;