North Korean hackers stole $2 billion from crypto exchanges in a year

The funds were stolen from centralized crypto exchanges

Hackers from the DPRK laundered $1,5 billion in a year

19.06.2025 - 13:50

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3 min

What’s new? Hackers linked to the North Korean government stole nearly $2 billion from centralized crypto exchanges (CEXs) over the past year. Despite opposition from legitimate market participants, such as freezing stolen assets, hackers have successfully laundered over $1,5 billion.

TRM Labs report

What else is known? Researcher Tay Monahan attributes a significant portion of these funds, about $1,8 billion, to a series of major CEX hacks such as Bybit, DMM Bitcoin, WazirX, Phemex, and BingX.

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“Even if we optimistically say they lost 15% to freezes and fees and brokers that’s still over $1,5 billion dollars to the authoritarian regime of a nation with a total GDP <$30 billion,” Monahan noted.

A recent TRM Labs investigation found that hackers used underground Chinese banking networks to move funds across borders. These informal channels helped them circumvent global sanctions and reduce the risk of detection.

BitoPro has confirmed an $11,5 million hack due to pressure from the crypto community

Hackers laundered assets using Tornado Cash, Thorchain, and Wasabi mixers

To cover their tracks, hackers moved stolen assets through a complex chain of transactions, often using decentralized exchanges (DEX), cross-chain protocols, and cryptocurrency mixers.

In the final stage, assets are sent through over-the-counter (OTC) brokers, allowing North Korea to extract fiat currency with minimal oversight from global regulators.

US Justice Department has filed a lawsuit to seize the proceeds of blockchain developers from the DPRK

In question is the amount of $7,74 million frozen as a result of the 2023 investigation

An anonymous researcher under the nickname ZachXBT described this surge in coordinated thefts as part of a broader “crime supercycle” in the digital asset industry:

“While it’s true the industry has historically been ripe for abuse it has noticeably increased since politicians launched meme coins and numerous court cases were dropped further enabling the behavior.”

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