Chainalysis' annual report comes as the UK government outlines proposals to put cryptocurrency under greater regulation, bringing it more in line with traditional financial systems.
In 2022, Chainalysis says hackers associated with Pyongyang - notably criminal syndicate Lazarus Group - stole an estimated £1.4bn in cryptocurrency assets, breaking their own record., though it is not known whether it is part of the government's own operations or an external hire.
The amount of crypto thought to have been stolen hugely outweighs North Korea's total annual exports, which latest figures from the Observatory of Economic Complexity put at £115m for 2020. "It isn't a stretch to say that cryptocurrency hacking is a sizable chunk of the nation's economy," said Chainalysis.What is the main aim of cryptocurrency?The biggest victims of crypto hacks in 2022 were within decentralised finance protocols, which is essentially when investors cut out the middle man - like a bank or exchange - and transfer funds directly between digital wallets.
It's becoming increasingly popular as it's considered more transparent, which people are placing more value in followingBut according to Chainalysis, these so-called DeFi protocols made up 82.1% of crypto stolen by hackers in 2022, totalling more than £2.5bn. David Schwed, of blockchain security company Halborn, said DeFi developers should not be afraid of looking to traditional centralised systems for inspiration in making themselves safer to use.Read more:
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