DeFi Protocols Lose Nearly $1 Billion in Crypto to North Korea-Linked Hacking Groups

These protocols can be vulnerable to attacks as seen in 2022, especially in cross-chain bridges. The data is for 2022, from TradingPlatform.com and it shows that highly trained hacking groups, such as the Lazarus group, are responsible for some of the thefts, but North Korea is responsible for stealing nearly a billion crypto in 2022 alone.

TradingPlatform.com analyst Edith Reads, reports in a statement “There have been a series of attacks on DeFi platforms. The attacks are well organized and coordinated. However, different players in the crypto space have put in place measures to overcome This. Over $30 million worth of stolen crypto has been recovered from North Korean hackers, giving hope. This is a victory for crypto enthusiasts. It will boost crypto investor confidence and attract even those who have reservations about the security of cryptos.

The Work of Criminals Has Decreased in the Crypto Space

One of the most alarming trends is that despite the general reduction in the overall value of digital assets, crypto criminal activity appears to be more robust. According to TradingPlatforms.com, illegal trades increased by 15%, but legal trades fell at more than double that rate, or around 35%.