North Korea has been making headlines in the world of cryptocurrency for its increasing involvement in cyberwarfare attacks. According to a report by crypto firm Paradigm, titled “Demystifying the North Korean Threat,” these attacks are becoming more sophisticated and involve multiple groups.

The attacks range from targeting exchanges and using social engineering tactics to phishing attacks and complex supply chain hijacks. In some cases, the attacks can take up to a year to execute, with North Korean operatives patiently waiting for the right moment.

The United Nations estimates that between 2017 and 2023, North Korean hackers have made a staggering $3 billion from these attacks. And the numbers have only increased in recent years, with successful attacks on popular exchanges like WazirX and Bybit, resulting in a combined $1.7 billion in stolen funds.

The report identifies at least five North Korean organizations involved in these attacks, including Lazarus Group, Spinout, AppleJeus, Dangerous Password, and TraitorTrader. These groups are also known for posing as IT workers and infiltrating tech companies worldwide.

One of the most well-known and notorious groups is Lazarus Group, responsible for high-profile attacks on Sony and the Bank of Bangladesh in 2016, as well as the WannaCry 2.0 ransomware attack in 2017. They have also targeted the cryptocurrency industry, with successful attacks on exchanges like Youbit and Bithumb.

But it’s not just about stealing funds. The report also highlights the group’s predictable money laundering methods, where they break up the stolen amount into smaller pieces and convert it to more liquid assets like Bitcoin. They then hold onto the stolen funds until the attention from law enforcement dies down.

The FBI has identified three alleged members of the Lazarus Group and has indicted two of them for their involvement in global cybercrimes. However, the group continues to operate, and their tactics are constantly evolving.

As the threat of North Korean cyberattacks on the cryptocurrency industry continues to grow, it’s essential for exchanges and users to stay vigilant and take necessary precautions to protect their assets.