Crypto Thefts Hit Record $3.8 Billion on North Korean Hacks

Thieves stole a record $3.8 billion worth of cryptocurrency in 2022 as sanctions on North Korea drove a surge in suspected hacking by the Asian nation.

Overall crypto losses increased from $3.3 billion stolen in 2021, blockchain analysis firm Chainalysis Inc. said in a report published Wednesday. Hacking groups that US officials have linked to the North Korean government stole an estimated $1.7 billion in 2022 and up from roughly $400 million last year, according to the firm.

North Korean hackers have increased their focus on the cryptocurrency sector as a means to raise revenue in the face of international sanctions, according ...