A new report from the Multinational Sanctions Monitoring Team (MSMT) highlights the alarming scale of North Korean cybercrime, revealing that hackers have stolen a staggering $2.83 billion worth of cryptocurrency since early 2024. This sum represents a significant portion of North Korea’s foreign income in 2024 and showcases an escalating trend of illicit crypto transactions by these nation-state actors. 2025 has seen a sharp increase, with Bybit, the exchange platform, suffering a massive $1.64 billion loss due to a sophisticated hacking attack involving third-party services providers like TraderTraitor. These groups utilize tactics like fake identities and compromised supply chains to evade detection and target vulnerable exchanges and service providers. The report further details the intricate process of laundered funds, involving nine steps to convert stolen crypto into cash, with key players based in China, Russia, and Cambodia acting as intermediaries.