According to data from TradingPlatform.com, North Korea is responsible for the theft of almost $1-billion worth of cryptocurrencies in 2022.
“There has been a series of attacks on DeFi platforms,” says TradingPlatform analyst, Edith Reads. “The attacks seem well organised and coordinated. However, there are measures in place by different players in the crypto space to overcome this. Thirty million dollars of stolen crypto recovered from North Korean hackers gives hope. It is a win for every crypto enthusiast. It will boost confidence among crypto investors and even attract those with reservations on crypto security.”
An alarming trend is that despite the general decline in the value of digital assets, illicit crypto activity looks more robust. According to the data, illegal transactions plummeted by15%, yet, lawful transactions fell by more than double that rate.
While hackers remain a substantial risk, there is a massive decrease in criminal activity across all aspects of crypto. This year, the $1,6-billion stolen in crypto-related scams is 66% less than the $4,2-billion stolen in 2021. Also, the Hydra marketplace crackdown in April has contributed to the 43% drop in revenue on darknet marketplaces this year.
“If you want to avoid being a victim of fraud when buying cryptos, you must do your homework first,” says Reads. “Be aware of investments that promise significant returns with little or less risk. If something seems unbelievable, it probably is. You should also not put in more money than you can afford to lose.”