Market Hit With Rugpulls as TRM Research Sheds Light on 2023’s Losses to Hacks

According to blockchain analytics firm Peckshield, the value of the fraudulent token, $XAI, has plummeted by -100%. The individual behind the rug pull, identified as 0xB3Ff…47DD, executed a swap of 2,077,982,891,807.9 $XAI for approximately 219,516 $BSC-USD. Notably, this rogue token shares the same name as the legitimate one.

Another fraudulent token, $ElonTroll, has experienced a devastating -100% drop. The address 0xFb42…769D orchestrated a swap involving 2,200,000,000,000,000 $ElonTroll, acquiring around 298.9 $BNB (equivalent to ~$91.5K). Similar to the previous case, the rug pull token shares its name with the legitimate counterpart.

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Rising Concerns Amid Crypto Market Volatility

New data from TRM Labs reveals that hackers affiliated with North Korea stole cryptocurrencies exceeding USD 600 million in 2023. If the recent hacks are also attributed to North Korea, the total stolen could approach USD 700 million. Despite a 30% decrease from 2022, DPRK remains responsible for over a third of all crypto assault funding in 2023.

Crucially, DPRK-affiliated hacks inflict damage ten times higher than non-North Korean counterparts, with a cumulative theft of $3 billion in cryptocurrency since 2017. Compromised private keys and seed phrases are prevalent in North Korean cyber attacks, enabling access to victims’ digital assets.

In response to global scrutiny, North Korea adapts its money-laundering strategies. Following penalties against previous platforms, DPRK shifted focus to Sinbad, a Bitcoin service, for obfuscation. The nation continues to explore alternative methods after OFAC’s November 2023 penalty.

Despite enhanced exchange cybersecurity and international cooperation, North Korea’s cyber capabilities pose a persistent threat. Having stolen approximately USD 1.5 billion in the last two years, further disruptions are anticipated in 2024. Governments and businesses must remain vigilant and innovative to counteract the activities of this prolific cyber-thief.